Azerbaijan Plans to Foster Cashless Payments

Cashless payments will be extended in the Autonomous Republic of Nakhchivan in order to set up the first cashless zone in Azerbaijan. The project became possible thanks to the support of the World Bank Group joining the Central Bank of Azerbaijan and the Ministry of Finance of the Autonomous Republic.

The project is ambitious and aims to rely on data processing centers and mobile network operators to help morph Nakhchivan into the Caucasus’ leader in terms of cashless payments.

The new infrastructure will allow citizens to buy, pay bills and transfer money via their mobile phones. According to World Bank figures, it will be a change for Azerbaijan, a country in which only 29% of adults have an account at a bank, whereas 50% is the average in the region. However, Nakhchivan would become the region’s pilot, no surprise for Sabuhi Mammadov, Minister of Finance of the Nakhchivan Autonomous Republic.

"Cashless payments have always been among top priorities of Nakhchivan’s leadership and a number of projects implemented in recent years have contributed to creating an enabling environment,” he said.

By Antoine Dewaest

Photo: Forbes