"The Microfinance Centre (MFC) is ready to support the transition from the development to the practical implementation of a new microfinance model in Azerbaijan," MFC Executive Director Katarzyna Pawlak said during her speech at the 12th Azerbaijan Microfinance Conference, APA-Economics reports.
According to her, cooperation between the microfinance sector and the Central Bank in Azerbaijan has developed significantly in recent years.
Pawlak noted that while establishing dialogue between microfinance organizations and regulatory bodies was previously one of the main objectives, this cooperation now plays an important role in shaping the country's microfinance model.
She stated that the Azerbaijan Microfinance Association (AMFA) plays a coordinating role between sector participants and the Central Bank.
"MFC is ready to support the Azerbaijan Microfinance Association and the Central Bank in transitioning this model from the development stage to the implementation stage," she emphasized.
The MFC head stated that the importance of artificial intelligence, digital technologies, climate finance, and sustainable investments in the microfinance sector is growing.
According to her, MFC is also working on practical solutions that support the application of artificial intelligence and adaptation to climate change.
Pawlak emphasized that the main objective of introducing technological innovations should be to improve the quality of services provided to customers.
"Artificial intelligence is not the ultimate goal. Climate finance is not the ultimate goal either. The main goal is the customer," she said.
The MFC head added that, alongside the introduction of innovations, it is important to take into account the real needs of entrepreneurs, particularly small businesses operating in the regions, in the future development of the microfinance sector.
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