The Central Bank has amended credit risk management rules. This is related to improving the regulatory framework to reduce risks in remote financial services and strengthen consumer rights protection.
According to changes effective from October this year, customers will be able to voluntarily impose restrictions on remote consumer loan agreements and credit limit increases. Citizens can limit remote credit offers themselves. Anyone can place a query through the Azerbaijan Credit Bureau to ban remote credit registration in all credit institutions.
Oxu.Az reports that MP Vugar Bayramov shared this on social media. He said that under the new changes, citizens can apply directly to their credit institution to impose restrictions only on that institution.
Credit institutions must check this ban before remote credit registration and only issue credit if no restriction is in place. Another change is the application of a waiting period for funds under remotely concluded consumer loan agreements. If the loan amount does not exceed twice the minimum wage, funds will be credited after 2 hours; otherwise, after 24 hours.
The MP noted that the reason for these bans is clear: hackers have deceived citizens and misappropriated funds under the guise of remote credit registration. In 2024-2025, cyber fraud and hacker attacks resulted in financial theft totaling 22 million manat, with nearly 17,000 fraudulent bank card transactions recorded.
This highlights the need to further strengthen security systems. It is difficult to predict how many people will place queries through the Azerbaijan Credit Bureau. While the waiting period is positive, it would be more appropriate to apply tranches in remote lending.
Bayramov emphasized that financial and banking awareness among citizens must be expanded; otherwise, hackers will continue to exploit opportunities.
