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E-transactions more than triple in Azerbaijan

Finance Materials 15 November 2018 19:27
Twenty-five percent of all transactions from current accounts in Azerbaijan fell on e-transactions in January-September 2018.
E-transactions more than triple in Azerbaijan

Baku, Azerbaijan, Nov. 15

By Taleh Mursagulov – Trend:

Twenty-five percent of all transactions from current accounts in Azerbaijan fell on e-transactions in January-September 2018, Acting Chairman of the Board of Azerbaijan’s Financial Market Supervisory Authority (FIMSA) Ibrahim Alishov said.

Alishov made the remarks at the 3rd International Banking Forum in Baku on Nov. 15.

“The number of e-transactions increased 3.3 times in January-September 2018 compared to the same period of 2017,” he said.

“Moreover, an internet banking system is used in 24 out of 30 banks operating in Azerbaijan, while a mobile banking system is used in 25 banks,” he said.

"Presently, work is underway to expand the coverage of these services," Alishov added.

The two-day 3rd International Banking Forum, organized by the Central Bank, Azerbaijan’s Financial Market Supervisory Authority (FIMSA), the Center for Analysis of Economic Reforms and Communication and the Azerbaijan Banks Association, kicked off in Baku on Nov. 15.

About 100 representatives of local and foreign financial organizations of Europe, the US, Japan, China and the CIS, including Citibank, Commerzbank AG, Yandex.Money, Raiffeisen Bank International AG, Deloitte, Standard Chartered Bank, Moody's Investors Service and others participate in the event.

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