BAKU, Azerbaijan, August 5. The Central Bank of
Azerbaijan (CBA) has revoked the payment entity license of Modenis
LLC.
This is reflected in the information released by the CBA.
"By the decision of the Management Board of the Central Bank of
Azerbaijan dated August 4, 2026, the payment entity license of
Modenis LLC was revoked in accordance with the law of Azerbaijan
'On payment services and payment systems'.
Mpay LLC was reorganized by merging Modenis LLC with it and is
its legal successor," the information noted.
Modenis LLC was granted an indefinite license as an electronic
money institution by a decision of the Central Bank of Azerbaijan
dated June 5, 2024. However, based on the company’s official
request, the Central Bank’s decision dated July 17, 2025 removed
the “issuance of electronic money and execution of payment
transactions using electronic money” service from the license.
Under the latest decision, the payment institution license of
Modenis LLC has been fully revoked. According to the Central Bank,
this is related to the reorganization of Mpay LLC through the
merger of Modenis LLC into it. Mpay LLC is considered the legal
successor of Modenis.
According to the Law “On Payment Services and Payment Systems”,
payment institutions may provide payment services only after
obtaining the relevant license from the Central Bank. These
institutions, except for the issuance of electronic money, carry
out activities such as money transfers, operations involving
payment accounts, execution of payment card transactions,
acquiring, mediation in payment transactions, and account
information services.
According to the Central Bank’s current registry, licensed
payment institutions operating in the country include Token
Azerbaijan LLC, Global Innovations LLC, Drakaris LLC, M.A.X
Sistemləri Plyus LLC, Fizza Pay LLC and Azericard LLC. Payment
institutions whose licenses have been revoked are Modenis LLC,
Kabox LLC, Multi Solutions LLC and CİBPAY LLC.
