BAKU, Azerbaijan, January 15. The Central Bank
of Azerbaijan (CBA) has issued a binding instruction to the payment
organization Fizza Pay Limited Liability Company, Trend reports via the
CBA.
“The Central Bank has issued a mandatory instruction to Fizza
Pay Limited Liability Company to eliminate a violation of the
minimum aggregate capital requirement related to Clause 4.2 of the
‘Rules on the Organization and Implementation of Activities by
Payment Organizations and Electronic Money Organizations,’ guided
by the requirements of Article 63.1 of the Law of the Republic of
Azerbaijan ‘On Payment Services and Payment Systems,’” the
statement said.
Fizza Pay (Fizza Pay Limited Liability Company, or FIZZA PAY
MMC) is a licensed, multifunctional payment system in Baku,
Azerbaijan, operating since 2019, offering cash/cashless
transactions via terminals, mobile app, and website for utilities,
mobile top-ups, internet, and government payments