Azerbaijani postal operator launches financial services to population
Azerbaijan, Baku, July 13 / Trend H.Valiyev /
Azerpoct, the Azerbaijani national postal operator, started to provide financial services to the population, Azerbaijani Communications and IT Ministry Postal Communications Department Head Novruz Mammadov said.
Mammadov said today the banking services are available at post offices in the first (Sabail) and fifth (Garadagh) branches.
"The introduction of financial services in the branches of the postal operator will be implemented in stages, in Baku's post offices and regions. The branches and subsidiaries' appeals on preparedness in connection with the provision of banking services will be considered individually, followed by permitting of the Central Bank of Azerbaijan (CBA). The appeals of the Absheron, Sumgait and several regional branches of Azerpoct are under consideration," Mammadov said.
Mammadov said Azerpoct has all legal rights for the provision of financial services to the public. Today, the operator is allowed to provide five of the seven existing financial services. These include opening and managing accounts, money transfers, issuance of debit card transactions for buying and selling currencies on the order book and collection of cash and other valuable
The provision of two more additional services - taking deposits and issue of credit cards will be revised in 2011.
The communications operator received a license from the CBA to provide financial services. In the future, the CBA will authorize the provision of such services.
In the initial stage, post offices will provide limited banking operations, such as cash operations, money transfers, and opening customer accounts. Long-term prospects include providing loans.
Azerpoct hopes to compete seriously with players on the country's banking market. Today, 47 banks operate in Azerbaijan, with over 500 branches. Meanwhile, Azerpoct has nearly 1,600 offices.
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