Azerbaijan's microfinance sector has continued to develop despite the global financial crisis, the COVID-19 pandemic, and various uncertainties, Executive Director of the Microfinance Centre (MFC) Katarzyna Pawlak said during her speech at the 12th Azerbaijan Microfinance Conference, APA-Economics reports.
According to her, the Azerbaijan Microfinance Association (AMFA) has continued its activities during difficult periods, making significant contributions to the development of the sector and the application of international experience.
K. Pawlak noted that the association has implemented important initiatives aimed at increasing transparency, data analysis, social performance assessment, women's economic empowerment, and the protection of customer rights.
She stated that establishing strong financial institutions alone is not sufficient for the development of the microfinance sector. It is also important to establish effective dialogue between sector participants and regulatory bodies.
According to the MFC head, there is no shortage of new ideas in the sector. The main issue is identifying the right priorities, adapting these ideas to local conditions, and implementing them in practice.
K. Pawlak added that the activities of the Azerbaijan Microfinance Association in improving financial literacy, protecting customer rights, and developing international cooperation are of great importance for the future development of the sector.
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