German NGO to improve work of Azerbaijan’s banking ombudsman
Baku, Azerbaijan, Sept. 22
By Azad Hasanli – Trend:
Germany’s non-governmental organization, Savings Banks Foundation for International Cooperation, will help improve the activity of the institution of banking ombudsman of Azerbaijan, a source in Azerbaijan’s financial market told Trend.
The foundation plans to assist in the exchange of experience between institutions of banking ombudsmen of Azerbaijan and Germany, according to the source.
“It is expected that in the near future, [Azerbaijan’s] banking ombudsman will visit Germany to study its experience in this area. For Azerbaijan, it is still a new field of activity, and in Germany the institution of banking ombudsman has been functioning for about 200 years.”
Azerbaijan’s institution of banking ombudsman was established in September 2017.
Currently, banking ombudsman reviews requests regarding contracts, the value of which does not exceed $2,000. One non-bank credit organization and 23 banks signed an agreement with Azerbaijan’s banking ombudsman.