Azerbaijan clarifies limits on funding cards and e-wallets

The Azerbaijan Banks Association and the Azerbaijan Fintech Association have agreed to introduce a risk-based approach to funding bank cards and electronic wallets to prevent misuse.

Each bank card or electronic wallet will be limited to no more than five funding transactions per day, with the total monthly value capped at 20,000 manats.

No restrictions are currently planned for outgoing transactions, including purchases, cash withdrawals and money transfers.

Banks and electronic money institutions will also provide customers with no more than one payment instrument for each separate account or financial product.

The limits will not apply to transfers between a customer’s own accounts or to transactions involving close relatives.

Restrictions may be lifted after a customer provides the required information and confirms that the transactions are consistent with their financial profile.

The associations said the new approach should not affect legitimate users or interfere with the normal use of bank cards, POS terminals and electronic banking services.

Azerbaijan had earlier introduced new limits on card-to-card transfers.

N.Tebrizli