Payment institution and electronic money institution license in Azerbaijan
We help you work out whether you need a Central Bank of Azerbaijan license, and guide you from business model to the regulator's decision.
Do you need a license
It all comes down to your flow of funds: whose money it is, who holds it and who it is sent to. Three typical situations:
Most likely not
You accept payment for your own goods and services through an acquiring bank. Customer money lands in your account as revenue.
Possibly via a partner
You build your product on top of a bank's or payment institution's license and act as a technology partner or agent yourself. The details of the contract and the fund flows matter.
Most likely yes
You hold customer funds, transfer them to third parties, issue wallets or electronic money, or acquire for other merchants.
This is a guideline, not a legal opinion. We'll give you a precise answer once we've reviewed your model — in the free consultation.
Types of status
Under the Law of the Republic of Azerbaijan "On Payment Services and Payment Systems". We check names and requirements against the current version of the law and the Central Bank's regulations.
Payment institution
Transfers, acquiring, issuing payment instruments, money remittance and other payment services, except electronic money.
LicenseElectronic money institution
Issuing electronic money and operations with it — wallets and everything built on them.
LicensePayment system operator
Running a payment system and its rules for participants.
LicenseAccount information service
Aggregation of a customer's account data only, with no movement of funds.
RegistrationPayment agent
Acts on behalf of a bank or a licensed institution and must be entered in the register.
RegisterWhat we do
We take on the preparation and the dialogue with the regulator. The Central Bank makes the decision — we make sure it has no grounds to refuse.
Your specialist or partner prepares the AML/CFT programme — we align it with the rest of the package.
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Model review
Which status you need, which services you provide under the law, and whether you can do without a license.
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Application package
Business plan, structure, management and capital requirements — in line with the regulator's current requirements.
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Internal policies
Risk management, information security, business continuity, outsourcing, safeguarding of customer funds.
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IT and security
We bring your systems in line with the regulator's requirements — and, if needed, make the changes ourselves.
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Submission and follow-up
We support the review and answer the regulator's questions until the decision. Afterwards, we help with reporting.