The Central Bank of the Republic of Azerbaijan has amended Modenis LLC’s payment services licence by cancelling the service covering the issuance of electronic money and the execution of payment transactions with electronic money. The change was made following the firm’s request and implemented by a decision of the Central Bank’s Board dated 17 July 2025. Modenis LLC was originally licensed on 5 June 2024 (licence EPT-003) to provide payment transaction acquiring and e-money issuance and related e-money payment transactions, and it will continue operating as a payment institution.
Central Bank of the Republic of Azerbaijan 2025-07-18
Central Bank of the Republic of Azerbaijan revokes Modenis LLC’s authorisation to issue electronic money
The Central Bank of the Republic of Azerbaijan has amended Modenis LLC’s payment services licence, cancelling its authorization to issue electronic money and execute related transactions. This change, effective from 17 July 2025, follows a request from Modenis LLC. The firm will continue to operate as a payment institution.