CBA: New state program in Azerbaijan to expand financial inclusion in 5 main directions

The state program on deepening financial inclusion in Azerbaijan will be approved in the near future, Rustam Tahirov, Director of Financial Sector Sustainable Development Department at the Central Bank of Azerbaijan (CBA), said, as quoted by Report.

According to him, the CBA has already prepared a state program on expanding financial inclusion:

"The document identifies 5 main directions. The first direction includes expanding the delivery channels of financial products. This will cover the development of both digital and physical channels. Within this framework, the implementation of the 'bancassurance' model has been defined as one of the main priorities.

The second direction envisages expanding the market of financial products and services. This includes developing and launching new products and services that meet the needs of individuals and especially small and medium-sized businesses.

The third direction includes the formation of infrastructure that supports financial inclusion. This covers the exchange of information, data sharing, and provision of required information for financial institutions to assess customer risks. The fourth direction envisages the development of appropriate regulations and policy frameworks. The fifth direction includes increasing consumers' financial literacy and strengthening the protection of their rights."

Tahirov noted that in the implementation of the program, the development of the bank-insurance cooperation model has been identified as a key strategic tool for increasing financial inclusion for both individual customers and businesses.