Instant payments in Azerbaijan’s fintech sector grow over 40% – central bank

The number of transactions made through instant payment systems in Azerbaijan has increased by more than 40% over the past year, Deputy Chairman of the Central Bank Vusal Khalilov said at the Fintech Summit in Baku.

According to him, in the first four months of 2025, the volume of non-cash transactions using domestic payment cards grew by 67%, while the number of transactions rose by 91%.

Currently, nine out of every ten transactions in Azerbaijan are non-cash.

Khalilov emphasized that fintech has become a key driver in meeting users' expectations for fast, secure, and personalized services in the digital age.

“We are actively working on open banking, distributed KYC, and instant payment systems. These technological solutions will create new opportunities for fintechs,” he said.

He added that the Central Bank is also working to strengthen sector resilience through the application of AI-based supervisory models, IT and data governance, and cybersecurity standards.

Azerbaijan will host the final of the ICPC world programming championship in July — a move seen as enhancing the country’s reputation in the global tech landscape.

N.Tebrizli