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Minister: Azerbaijan to start providing banking services through post offices in September

ICT Materials 30 June 2010 13:56
In September of 2010, offices of the Azerbaijani state postal operator will provide financial banking services to the population, the Minister of Communications and Information Technologies of Azerbaijan Ali Abbasov said today.

Azerbaijan, Baku, June 30 / Trend /

In September of 2010, offices of the Azerbaijani state postal operator will provide financial banking services to the population, the Minister of Communications and Information Technologies of Azerbaijan Ali Abbasov said today.

According to him, by late 2010, most post offices and branches will provide banking services.

The project on providing banking services by post offices is implemented by the Ministry of Communications and Information Technologies jointly with the World Bank.

At present, Azerpoct offices are connected to an automated corporate information system. Also, communication operator has received a license from the Central Bank of Azerbaijan to provide financial services.

At the initial stage, post offices will provide limited banking operations, these include - conducting cash operations, money transfers, opening customer accounts, etc. In the long term, it's envisaged to issue loans.

Entering the banking market of Azerbaijan Azerpoct seriously compete with players of the banking market. Today 47 banks operate in the Azerbaijani banking market; the total number of branches exceeds 500, whereas the number of post offices of Azerpoct is 1,600

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