Innovative Solutions for Sustainable Microfinance: Azerbaijan Microfinance Association’s Conference

On October 23, 2024, our member Azerbaijan Micro-finance Association (AMFA) organized prestigous conference on the topic of “Innovative Solutions for Sustainable Microfinance”. The Chairman of the MFC Council, Archil Bakuradze, has been among those to address the opening speeches. He emphasized on Azerbaijan’s progress in promoting access to finance for micro and small entrepreneurs, farmers noting the high quality collaboration between public and private institutions.  

The event explored the current state of microfinance in Azerbaijan and compared it with global trends; examined how digital technologies are reshaping microfinance operations and service delivery; addressed the growing importance of data security in the digital microfinance landscape; discussed comprehensive approaches to identifying, assessing, and mitigating risks in microfinance operations and reviewed how investors contribute to expanding access to finance and shaping the financial inclusion ecosystem. 

Delegates concluded that microfinance plays an important role in socio-economic development by providing access to financial resources for micro businesses and micro entrepreneurs. However, traditional methods are sometimes not enough to create sustainable and effective microfinance solutions. In this regard, the application of innovative approaches has become a necessity. New technologies and innovative financial instruments have the potential to make the microfinance sector more inclusive and sustainable. The development of sustainable microfinance in Azerbaijan aims to increase financial accessibility for small businesses and individuals, as well as ensure their long-term sustainability. 

Big congratulations to the Jhale Hajiyeva, Executive director of AMFA for organizing succesful event!