New law on credit bureaus comes into force in Azerbaijan

Big news for the economy of Azerbaijan: on 7 December 2016, the President of the Republic of Azerbaijan signed the Decree on implementation of the Law on Credit Bureaus, which will be the foundation of credit bureau operations in the country. 

The aim of this law is to improve financial inclusion to legal entities and individuals as well as strengthen financial discipline, thus ensuring a healthy financial system.

The credit bureau in Azerbaijan will be a joint venture with 20 banks, micro finance and insurance companies, and will involve a significant inward investment from Creditinfo into the market, showing the confidence Creditinfo has gained in Azerbaijan.