Azerbaijan starts payment of compensation on problem loans worth over 500 manats

Azerbaijan starts payment of compensation on problem loans worth over 500 manats

Baku, Azerbaijan, April 30


Starting from May 1, citizens of Azerbaijan, who have a right for compensation on problem loans worth over 500 manats, will be able to receive it by a card and cash it out in specially allotted post offices, Trend reports with reference to Azerpoct LLC, Azerbaijan’s postal operator.

Only owners of problem loans of non-bank credit organizations and closed banks can apply to Azerpoct LLC. Compensation will be issued through cards in 77 post offices of Azerbaijan.

On the basis of the decree by the Azerbaijani president on additional measures in connection with the resolution of the issue of problem loans of individuals dated February 28, 2019, the clients of non-bank credit organizations and closed banks can receive compensation on problem loans in 1,497 branches of Azerpoct LLC since April 22.

Today is the ninth day of payment of compensations on problem loans. Over the past eight days, 43,350 citizens received compensation worth less than 500 manats. For seven days, clients of non-bank credit organizations and closed banks received compensation worth 11,347,668 manats in Azerpoct LLC.

In accordance with the list submitted by the Financial Market Supervisory Authority of Azerbaijan (FIMSA), the operations to be carried out by Azerpoct LLC will cover 121,000 people.

About 45,000 citizens entitled to compensations above 500 manats will receive them through Azerpoct cards, and about 77,000 citizens whose compensations worth less than 500 manats will receive it in cash.

The website of Azerpoct LLC ( contains all the information about citizens who can receive compensation in cash or through cards. On this website, a citizen receives information about the loan amount, bank or non-bank credit organization where the loan was issued, and the amount of compensation.

The website also shows address where a citizen can get a card for compensation payment. After that, the citizen approaches the post office with the original and a copy of ID, signs necessary documents and then receives a plastic card and PIN code.

Clients will be able to receive compensations at ATMs and terminals of Azerpoct LLC and all ATMs of MilliKart LLC without being charged the commission fee. The terminals that are part of the MilliKart LLC network include ASB (Azerbaijan Industry Bank), AccessBank, Bank Melli Iran, Bank of Baku, ExpressBank, Gunay Bank, NakhchivanBank and Unibank.

If the owner of the problem loan is not in Azerbaijan, or in the case of his or her decease, while the payment was made by a guarantor, as well as in certain disputable issues, only in cases stipulated by law can payment be made by inheritance or by power of attorney.

Services for payment of compensations on problem loans are rendered by Azerpoct LLC free of charge.

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