Strengthening financial inclusion, expanding access to long-term financial resources, and digitalization will be among the main priorities for the future development of Azerbaijan's microfinance sector, Jalal Aliyev, Chairman of the Management Board of the Azerbaijan Microfinance Association (AMFA), said at the 12th Azerbaijan Microfinance Conference on "Investment and Sustainable Development in Microfinance," APA-Economics reports.
According to him, the preparation of a strategic framework document is of great importance in determining the future development directions of the microfinance sector.
J. Aliyev identified five key areas for the development of the sector. These include strengthening financial inclusion, increasing institutional sustainability, expanding access to long-term financial resources, digitalization and development of data infrastructure, as well as assessing social and environmental impacts.
He noted that in recent years, the Central Bank of Azerbaijan has taken important steps to improve the activities of non-bank credit organizations, strengthen corporate governance, and reinforce the regulatory framework.
The Association Chairman also emphasized the importance of protecting customer rights, ensuring transparency of lending terms, and properly assessing borrowers' repayment capacity.
According to J. Aliyev, the activities of microfinance organizations should be assessed not only by financial indicators but also by their impact on the development of financed businesses and the financial sustainability of customers.
He also stated that supporting projects related to green financing, alternative energy, energy efficiency, and adaptation to climate change are promising areas.
The Association Chairman noted the importance of expanding cooperation with investors interested in Azerbaijan's microfinance sector.
"We intend to direct the experience we have accumulated over 25 years toward the next stage of development of the sector," J. Aliyev said.
He added that AMFA is ready to support the establishment of new investment ties, the expansion of international partnerships, and the strengthening of knowledge and experience exchange among sector participants.
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