Azerbaijani post operator to be licensed to offer financial services
Azerbaijan, Baku, March 2 / Trend , S.Babayeva /
The Azerbaijani Communication and Information Technology (IT) Ministry's Azerpocht company jointly with the National Bank developed rules to license the national post operator to render financial services, the ministry said on March 2.
"At present, the rules have been submitted to relevant bodies for coordination," the IT Ministry said.
As the National Bank of Azerbaijan will issue a license to a post operator to render banking services, the necessity aroused to design specific rules which were absence earlier.
Under the changes and amendments to the Azerbaijani Law on Post Communication which were approved in November 2008, Azerpocht's functions have been expanded to finance services, including opening and conducting post registrations, money transfers, opening correspondent reports at financial institutions, including the National Bank of Azerbaijan, accepting post deposits, issuing payment means, including debt and loan cards, post cheques, purchasing foreign currency, encashing money and other values as part of the Finance Service Development project.
The National Bank will to issue a license to the IT Ministry in April. The license is expected to be the unified one which will cover all post offices of the state operator.
Azerpocht is expected to become profitably functioning organization by 2011 as a result of the Finance Service Development project which realized jointly with the WB. The project's key component is to apply financial services in a post network.
The Azerpocht state company comprises 59 post offices, two post enterprises, two subsidiaries and 8 communication units.
Over 1,300 post departments belong to the state company which covers Azerbaijan's all populated points.
The IT Ministry plans to offer financial services in 2009.
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