CBA: Development of digital finance depends on consumer protection

The development of digital finance depends on consumer protection, Deputy Chairman of the Central Bank of Azerbaijan (CBA) Toghrul Aliyev stated at the forum titled, Consumers in the Modern Digital World: E-Commerce, Digital Services, and Security Issues, held in Baku, Report informs.

Aliyev noted that in recent years, digitalization has become a key pillar of the global financial system: "Thanks to e-commerce, mobile banking, and innovative fintech solutions, access to services has significantly increased. These changes not only bring convenience but also expand financial inclusion and foster new business models."

The deputy chairman emphasized that, alongside the rapid adoption of innovations, issues of cybersecurity and personal data protection are becoming increasingly relevant: "The sustainable development of the financial sector depends on the reliable protection of consumer rights. For this purpose, three main components of digital financial literacy must remain in focus."

He explained that, first and foremost, developing digital banking skills is essential: "This includes proper and effective use of e-wallets and modern payment tools. The second important direction is strategic planning, which enables citizens to analyze their expenses through digital tools and make more efficient investment decisions. Finally, mastering digital security practices-such as creating strong passwords and learning ways to protect against phishing attacks-is crucial for safeguarding consumers' personal data."