BAKU, Azerbaijan, November 3. The Central Bank of Azerbaijan (CBA) has identified regulatory violations committed by electronic money institution Mobile Payment Solutions LLC, according to an official statement issued by the financial sector regulator.
According to the information, an on-site inspection of the company conducted by the CBA revealed failures to comply with the requirements of legislation and regulatory acts.
In light of the identified violations, the Central Bank has issued mandatory directives to the company, requiring it to rectify the shortcomings.
This decision was made in accordance with Article 48.2.4 of the law "On the Central Bank of the Republic of Azerbaijan" and Article 63.1 of the Law "On payment services and payment systems."
The Central Bank oversees the activities of payment service providers and electronic money institutions within the country. A key aspect of this oversight is ensuring that these entities adhere to legislative requirements, as well as to the established regulatory rules governing the provision of payment services and the issuance of electronic money.
The mandatory directives are aimed at rectifying shortcomings identified by the regulatory authority during inspections. However, the information released by the CBA hasn’t specified the exact legal violations discovered at Mobile Payment Solutions LLC, which areas of the company's operations they concern, or the timeframe established for addressing these issues.
According to public registry data, Mobile Payment Solutions LLC was registered for tax purposes on August 28, 2012. The company’s Taxpayer Identification Number (TIN) is 1302997441. Its registered legal address is 3 Taghi Shahbazi Street, Yasamal District, Baku. The company’s authorized capital is 857,000 manat ($504,120). The company’s legal representative is Vusal Hasanov.
The latest extract from the registry, dated June 19, 2026, indicates that the company is an active taxpayer, which was registered for VAT purposes, isn’t classified as a risky taxpayer, and has no outstanding tax liabilities to the state budget. This information reflects the company's current status within the tax registration system.
Electronic money and payment institutions are financial market participants that provide citizens and business entities with services such as electronic payments, money transfers, and other payment-related services. Ensuring that entities operating in this sector comply with legislative requirements is crucial for the security of payment transactions, the protection of consumer rights, and maintaining confidence in the financial system.
Currently, 21 electronic money and payment institutions are operating in Azerbaijan.
