Central Bank talks formation of positive trend in digital banking dev't in Azerbaijan

Finance Materials 14 August 2021 08:00 (UTC +04:00)
Central Bank talks formation of positive trend in digital banking dev't in Azerbaijan

BAKU, Azerbaijan, Aug.14

By Zeyni Jafarov - Trend:

A positive trend has formed in Azerbaijan in terms of digital banking development, the Central Bank (CBA) told Trend.

According to the CBA, as of July 1 of this year, 24 out of 26 banks operating in the country have been providing Internet banking services, and 22 - mobile banking services.

A significant progress was recorded in the statistical indicators of digital banking services in the first half of the year.

The total number of transfers from current accounts of bank clients in the first six months made up 25.5 million transactions, and the value - 93.3 billion manat ($54.8 billion).

The bank noted that 76 percent of the number (19.3 million transactions) and 70 percent of the value (64.9 billion manat or $38.18 billion) of transfers were made through digital banking.

Besides, the volume of customer transfers made through Internet banking services increased by 58.5 percent compared to the same period of last year, and the volume of transfers made through mobile banking services increased by 2.4 times. The total value of these services reached 59 billion manat ($34.7 billion) and 1.6 billion manat ($940 million), respectively.

"The effective implementation of the measures stipulated in the Strategy for Digital Payments for 2021-2023 will allow achieving better results in terms of non-cash payments, contribute to the rapid development of digital banking services and the formation of a competitive, innovative and affordable payment environment in the country," added the Central Bank.


Follow the author on Twitter: @jafarov_zeyni