Kapital Bank to Render Pension Services to Military Pensioners

Business Materials 25 February 2008 12:29 (UTC +04:00)

Azerbaijan, Baku, 25 February / Trend corr. I.Khalilova / The military will receive their pensions by plastic pension cards in Azerbaijan. For this purposes the State Social Protection Fund launched negotiations with the half-privatized Kapital Bank, Salim Muslimov, the State Fund Chairman stated.

Kapital Bank was chosen to render services to military-pensioners by Fund officials. The fund appealed to the bank branches. There are 87 branches of Kapital Bank to assist in the collection of passport data.

Movsumov said that there are plans for a special category database for pensioners, like Prosecutor officials, the court system, ombudsman, Parliament and state services.

Today, 33% of pensioners receive their pensions through Kapital Bank plastic cards who issued an additional 165,000 cards in 2007. At present, the number of pension cards comprises 286,000. There are 1.250mln pensioners in the country.

The fund chief appealed to the bank to accelerate the automation of the pension issue in different areas, including villages, rural areas and settlements.

There is a need to install an additional 139 cash machines in the regions. Some 86 machines are Kapital Bank machines. The bank has installed 86 machines around the country.

The number of cards issued by Kapital Bank for pensioners increased from 165,000 to 286,000. In total, the bank offers services to 374,400 pensioners. However, the number of pensioners made up 291,000 the year before.

The fund transferred AZN 10.4mln to Kapital Bank to provide services to pensioners.