Central Bank and MasterCard sign a Memorandum


May 24, Fineko/abc.az. A Memorandum of Understanding has been signed between the Central Bank of Azerbaijan (CBA) and Mastercard.

According to the CBA, the Memo was signed with the purpose to identify directions of cooperation for implementation of the tasks envisaged in the State Program on the expansion of digital payments in Azerbaijan.

The State Program was prepared as a result of extensive analytical reviews and marketing research carried out within the framework of Cashless Azerbaijan Project in cooperation with Mastercard, acting as a strategic partner of the CBA.

The Memo says about the introduction of innovative payment instruments in the country, improvement of financial literacy, introduction of cheap payment methods for small businesses, study of the use of modern payment technologies in the sectors of education and tourism.