Azerbaijani postal operator to appeal for license to render financial services

ICT Materials 12 December 2009 15:49 (UTC +04:00)

Azerbaijan, Baku, Dec.12 / Trend , H.Veliyev /

Azerbaijani national postal operator Azerpocht will appeal to the Central Bank of Azerbaijan for a license to render financial services next week, Communication and Information Technology Ministry's Postal Sector Head Novruz Mammadov told Trend .

Rendering banking financial services will be possible due to introduction of automated corporative and informational system. At present, the system is successfully tested and fully ready to pilot operation.

Post offices will carry out limited banking operations in initial stage. They include cash transactions, money transfers and the opening of client accounts. It is planned to issue loans to the population in long-term perspective.

Entering into the banking market of Azerbaijan Azerpocht will be a serious rival for players of the banking market. Presently, 46 banks operate at the banking market of Azerbaijan with over 500 branches. Azerpocht has itself over 1,600 post offices.

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