The Central Bank of Azerbaijan (CBA) has found that electronic money institution Mobile Payment Solutions LLC breached legal requirements during an on-site inspection and has ordered the company to correct the deficiencies.
The Central Bank of Azerbaijan carried out an on-site inspection of electronic money institution Mobile Payment Solutions LLC and found that the company had failed to comply with legislative requirements in its operations, the regulator said in an official statement.
Over the identified shortcomings, the CBA issued mandatory enforcement orders requiring the company to eliminate the violations. The move is based on 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’s statement did not specify exactly what legal violations were found at Mobile Payment Solutions, which areas of the company’s operations they relate to, or the deadline set for correcting the shortcomings.
Central Bank’s oversight powers
The Central Bank monitors the operations of payment service providers and electronic money institutions operating in the country. The main goal of this oversight is to ensure these entities comply with legal norms, including rules on providing payment services and issuing electronic money.
About Mobile Payment Solutions LLC
According to the state register, Mobile Payment Solutions LLC was registered for tax purposes on August 28, 2012. The company’s taxpayer identification number (TIN) is 1302997441, and its legal address is at 3 Taghi Shahbazi Street in Baku’s Yasamal district. Its founding capital is set at 857,000 manat, and it is legally represented by Vusal Hasanov.
According to the most recent register extract, obtained on June 19, 2026, the company is registered as an active taxpayer, is registered for value-added tax (VAT), does not appear on the list of taxpayers classified as high-risk, and has no outstanding debt to the state budget.
A total of 21 electronic money and payment institutions currently operate in Azerbaijan. These entities provide citizens and businesses with electronic payment, money transfer and other financial services.
