Central Bank of the Republic of Azerbaijan revokes licences of Finoko and Icraçı Kredit Agentliyi non-bank credit organisations for failing to meet the AZN 1 million minimum capital requirement

The Central Bank of the Republic of Azerbaijan has revoked the operating licences of “Finoko” Non-bank Credit Organisation OJSC and “Icraçı Kredit Agentliyi” LLC Non-bank Credit Organisation after concluding that the firms did not comply with the minimum capital requirement and failed to implement mandatory supervisory instructions to remedy the breach. The action follows amendments to the Law of the Republic of Azerbaijan on Non-bank Credit Organisations and the Central Bank’s 2024–2026 Financial Sector Development Strategy, under which the Central Bank Board approved a Prudential Regulation for non-bank credit organisations and rules on credit risk management. The Prudential Regulation sets a minimum capital amount of AZN 1 million for existing and new non-bank credit organisations established as commercial legal entities. Despite receiving binding instructions from the Central Bank, both firms did not take the necessary steps to meet the requirement, leading to licence cancellations under Article 25.1.4 of the Law. The licences were cancelled by a Central Bank Board decision dated 29 August 2025, covering Finoko’s licence (BKT-28, dated 22 September 2014) and Icraçı Kredit Agentliyi’s licence (132-QB, dated 25 October 2002). Under Article 25.4 of the Law, a non-bank credit organisation must cease operations from the date the licence revocation decision enters into force and be liquidated in accordance with the Civil Code; the Central Bank also indicated it will continue to take action against non-bank credit organisations that do not comply with regulatory requirements, including capital rules.