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.

Do you have any feedback? Contact our journalist at [email protected]

Israel expects $220 million in non-defence trade with Bahrain in 2021
Israel expects $220 million in non-defence trade with Bahrain in 2021
Israeli archaeologists discover 2,000-year-old game dice
Israeli archaeologists discover 2,000-year-old game dice
Israeli airline conducts 1st commercial passenger flight to UAE
Israeli airline conducts 1st commercial passenger flight to UAE
Loading Bars
Latest
Kazakhstan to launch manufacturing of Russian anti-COVID vaccine before year-end
Ganja honors memory of martyrs of Azerbaijan's Patriotic War (PHOTO)
Substantial NATO-Georgia Package updated at meeting of NATO Ministers of Foreign Affairs
Belonging of Nagorno-Karabakh region determined upon relevant UN Security Council’s resolutions - press secretary of Russian president
UNHCR reveals details of joint meeting with Turkmenistan to end statelessness
Kazakhstan ups trade with Turkey for 10M2020
EBRD reduces its equity stake in Georgian TBC Bank
TAP to hold market test to double capacity
Second Karabakh war - brightest page in national memory of Azerbaijan, says Russian cleric
Azerbaijan presents musical composition commemorating martyrs of Patriotic War (VIDEO)
Amnesty International unveils photo proof of Armenian-inflicted damage in liberated Kalbajar (PHOTO)
Iran to increase revenue by development of gas transmission
Energy Commission of Iranian Chamber of Commerce discusses oil revenue forecast
9 Azerbaijani gymnasts return from European Championships with medals - head coach
Ukraine to continue supporting Azerbaijan's territorial integrity
Mountain Jewish Community honors memory of martyrs of Azerbaijan’s Patriotic War (PHOTO)
UNHCR talks cooperation with Turkmenistan on fight against statelessness
ENI to support activities of center to develop oil&gas engineering in Kazakhstan
Beeline mobile operator working in Khankendi city - fake news, Russian web portal says
Azerbaijan Banks Association to develop digital payment ecosystem
Trade takes up largest share in total turnover of Georgian business sector
Uzbekistan considers production of Bentley electric vehicles
Iran's Minister of Petroleum discusses OPEC+ meetings
Kazakhstan more than doubles petroleum oil exports to Croatia
Caspian Drilling Company updates on Satti rig upgrade
Gold price in Azerbaijan up
Kazakhstan, Austria trade turnover down year-on-year
Turkmenistan exploring possibility of producing cement from local raw materials
Turkmenistan working to maintain technical condition of gas pipelines
OPEC+ decision: Oil glut could be hitting the market soon
Georgia hits record high COVID-19 daily cases
Azerbaijan Banks Association implementing new banking services project
Georgia plans to subsidize the interest on leasing for event companies
Georgian business sector shows downward trend in production
German industrial orders rise more than expected in October
Azerbaijan launches joint ATM network of commercial banks
Clients of closed banks in Azerbaijan continue receiving compensations
Kazakhstan doubles exports to Croatia despite COVID-19 pandemic
Any threats against Azerbaijan's territorial integrity must be averted, Erdogan tells Rouhani
Azerbaijan commemorates bright memory of martyrs with minute of silence (VIDEO)
President Ilham Aliyev, first lady Mehriban Aliyeva pay tribute to Azerbaijani martyrs (VIDEO)
Kazakhstan launches electricity production project in its Mangystau region
FAO supports innovation in Uzbekistan’s silk industry
Baku Refinery exceeds plans for crude oil refining
Azerbaijani oil price on the rise
Uzbekistan to introduce mechanism for calculating property tax based on cadastral value
New fresh water deposits discovered in Turkmenistan
Kazakhstan records improving main indicators of stock market
Karabakh conflict was resolved by military-political means - President of Azerbaijan
French government does not recognize independence of Karabakh - ambassador
During last 2 years, Armenia deliberately destroyed negotiation process - President of Azerbaijan
Until last moment Armenia by all means tried to undermine preparatory process to hold UN Special Session - President Aliyev
Oil prices jump after OPEC+ inks supply compromise
It was inevitable to ensure implementation of UN Security Council resolutions by force - President Aliyev
Azerbaijan taken timely, necessary preventive measures to stop coronavirus spread - President Aliyev
Since pandemic outbreak in Azerbaijan, country is in close contact with WHO - president
REAP to promote introduction of sustainable production in Uzbekistan, Tajikistan
Uzbekistan eyes to significantly reduce coal mining cost at Shargun deposit
Turkmenistan, Italy identify priority areas of cooperation
There is great need for joint efforts of int'l community to counter COVID-19 - President Aliyev
Opportunities to accept payments through bank cards developing in Azerbaijan
President Ilham Aliyev: We remember our martyrs with respect (PHOTO)
Azerbaijan continues digitalization of various structures
China’s trade partners frustrated with frozen food coronavirus tests
Turkish Embassy extends condolences regarding Azerbaijan's martyrs
Azerbaijan supports OPEC+ decision on rising crude oil production
Turkish Erzurum Airport reduces cargo, passenger traffic in 10M2020
Azerbaijani president addresses Special Session of UN General Assembly in response to COVID 19 pandemic
Euronews airs story about Tartar's Sugovushan village, liberated from Armenian occupation (VIDEO)
French ambassador to be summoned to Azerbaijan's MFA
Turkish Dervisoglu eyes to set up production in Kazakhstan with further export to US
Azerbaijani currency rates for Dec. 4
Azerbaijan sees year-on-year decline in imports from Israel
Natural gas to become leading source in global energy mix by mid-century
Kazakhstan takes on new responsibilities to cut oil output within OPEC+ deal
South Korean Ambassador to Turkmenistan completes diplomatic mission
Uzbekistan reveals its COVID-19 data for December 4
Russian-Kazakh uranium venture opens tender for wells maintenance
Destructive position of Armenia drags it into abyss - Azerbaijan's MFA
Iran says plan to exit NPT not contradictory with IAEA-related issues
Nasdaq apologises for Australia stock exchange outage
Number of coronavirus cases worldwide exceeds 65 million - Johns Hopkins University
Khaf-Herat railway to be officially inaugurated in 10 days
Turkey reports over 32,000 new COVID-19 cases
Kazakhstan’s daily COVID-19 case count up to 819
European Commissioner Varhelyi says EU stands by Georgia
Uzbekistan to attract carbon credits to create forest plantations
U.S. in talks with Huawei CFO Meng on resolving criminal charges
Brazil's COVID-19 death toll tops 175,000
Import of cars from Turkey to Russia down during COVID-19
Moscow reports 77 coronavirus deaths in the past day
UK coronavirus deaths top 60,000 as another 414 recorded
OPEC+ supports 0.5 mln bpd output growth since January, monthly meetings
Memory of martyrs of Patriotic War to be honored with minute of silence in Azerbaijan today
Four killed in large blast in western England: local police
Kazakhstan's revenue from petroleum oil exports to Hungary surge
Georgian NCDC Head urges symptomatic citizens to undergo antigen test
Iran, Turkey call for increased economic coop.
Turkey grapples with COVID-19 surge in 3 cities amid vaccine hope
Kazakhstan's oil & gas company opens tender to buy spares
All news