CBA will license more Azerpoct post offices
Azerbaijan, Baku, Oct. 18 / Trend , H.Valiyev /
The Central Bank of Azerbaijan (CBA) will issue licenses to nine other regional post offices of the Azerpoct postal service operator to provide financial services, the Azerbaijani Communications and IT Ministry said on Tuesday.
To date, the number of Azerpoct offices providing financial services reached 890 units. The nine post offices of the Azerpoct Goychay branch will receive licenses in the coming days.
Ministry's Spokesman Mushfig Amirov earlier told Trend that the Goychay branch was the first regional branch providing financial services.
Azerpocht started providing financial services to the population in mid-2010. Today, the operator is allowed to provide five of the seven existing financial services. These include opening and managing accounts, money transfers, issuance of debit card transactions for buying and selling currencies in the order book, and collecting cash and other valuable means.
The provision of two more additional services - deposits and credit cards - will be revised in the future.
Banking services are provided through a corporate automated information system.
Azerpoct's entry into the Azerbaijani banking market will seriously compete with the banking market players. The Azerbaijani banking market has 44 banks; the total number of branches is more than 500, while the number of Azerpoct's post offices exceeds 1,600 branches.