BAKU, July 18 — The Central Bank of Azerbaijan (CBA) has partially revoked the license of Modenis, the operator behind the E-manat brand, stripping the company of its right to issue and manage electronic money.
Originally granted on September 18, 2024, the license allowed Modenis to conduct acquiring operations, issue e-money, and process transactions using that money. However, the CBA has now annulled the section pertaining specifically to e-money services.
Despite this move, Modenis will continue operating as a payment organization, the central bank confirmed.
The decision marks a significant shift in the digital payments landscape of Azerbaijan, where E-manat has been a widely used platform for utility payments, mobile top-ups, and other services. No detailed explanation was given for the revocation.
