The Central Bank of Azerbaijan (CBA) has issued a binding directive to Algoritma LLC, according to a press release from the CBA.
To address the violation of the minimum total capital requirement set forth in clause 4.3 of the 'Rules for the Organization and Implementation of Activities by Payment Organizations and Electronic Money Organizations,' and to improve internal control systems, the Central Bank, guided by the requirements of Article 63.1 of the Law of the Republic of Azerbaijan 'On Payment Services and Payment Systems,' has issued a binding directive to Algoritma LLC.
Electronic money organizations, in addition to issuing electronic money and conducting payment transactions using electronic money, may provide other payment services if stipulated by their licenses. These services include depositing and withdrawing cash from accounts for payment purposes, credit transfers, direct debits, payment card operations, money transfers, issuance and acquiring of payment instruments, intermediation in payment transactions, and account information services.
Currently, according to the Central Bank of Azerbaijan's registry, 15 electronic money organizations operate in the country. These include A-Solutions Elektron Pul Təşkilatı LLC, United Payment LLC, PashaPay LLC, Mobile Payment Solutions LLC, Mpay LLC, PulPal LLC, Qoldenpey LLC, K GROUP LLC, Payriff LLC, Cüzdan LLC, Tiko Azərbaycan LLC, Baku Pay LLC, Algoritma LLC, CİBPAY LLC, and Multi Solutions LLC.