Azerbaijan's first national money transfer system may cease activity
Baku, Azerbaijan, April 2
By Azad Hasanli - Trend:
Azerbaijan’s Zaminbank, now undergoing liquidation, has suspended registration of its money transfer system Caspian Money Transfer in Turkey, the bank told Trend on April 2.
This money transfer system is a structural unit of Zaminbank and Azerbaijan's legislation does not allow it to function independently. Therefore, after the bank's license was revoked in 2016, the bank’s management decided to register it abroad to ensure the system’s further work.
Earlier, the bank told Trend that all procedures necessary for the registration had already been passed in Turkey and a response is expected from the Turkish regulator.
After registration, Caspian Money Transfer is expected to be renamed and have its activities expanded.
Prior to the suspension of activities, Caspian Money Transfer worked directly in all CIS countries, and also carried out money transfers to countries in Europe, North and South Americas through partner systems.