BAKU, Azerbaijan, March 15
Model of agent banking has been launched in Azerbaijan within the framework of cooperation between Azerpost LLC and Access Bank CJSC, Azerpost told Trend.
According to Azerpost LLC, the project is being implemented on the initiative of the Central Bank of Azerbaijan and with the support of the International Finance Corporation (IFC).
The agent banking model is the provision of banking services to customers by third parties. This model is widely used in international practice to expand access to banking services, especially in areas with a small number of bank branches and branches.
The project is being implemented in Azerbaijan for the first time, Azerpost LLC noted.
Azerpost LLC number one branch in the Aghdash region will join the project in accordance with the agreement. Citizens will be able to carry out banking operations in it starting this month. Micro and agro loans, also consumer loans, and debit cards will be offered to customers in this branch of the LLC.
According to the agreement reached between Azerpost LLC and Access Bank CJSC, this year the agency banking project will cover several regions of Azerbaijan. Banking products and services will become more accessible to residents of the regions as a result of its implementation.