Agent banking project implemented for first time in Azerbaijan, introduced in another region

An agent banking project, implemented for the first time in Azerbaijan, was presented to the population in another region – in the city of Gabala. The role of banking agent is performed by Azerpost LLC under the Ministry of Digital Development and Transport in cooperation with Access Bank CJSC.

Citizens can now use the financial services provided by Access Bank CJSC at the branch of Azerpost LLC, located at 39 Hazi Aslanov St, Gabala city.

It should be noted that the project was initiated by the Central Bank of the Republic of Azerbaijan and is implemented with the support of the International Finance Corporation (IFC). The introduction of the agent banking model, aimed at improving access to financial services by citizens of the country, was first launched in Azerpost branch in Aghdash region. Since March, city residents have been using banking services at the postal branch, located at 15/4 Bakir Nabiyev St.

Currently, Azerpost LLC branches in both regions offer micro and agri-loans, as well as consumer loans and debit cards to customers, depending on demand.

We would like to inform you that the agent banking model is the provision of banking products and services to customers by third parties. In international practice, this model is widely used to increase access to banking services by the public, especially in areas with a small number of bank branches and departments.

According to an agreement reached between Azerpost LLC and Access Bank CJSC, Masally and Zardab regions will join the agent banking project at the next stage.

In addition to traditional postal services, with a three-century history and some 1,500 branches, Azerpost currently offers financial, logistics and retail services, providing access to these services by the country’s citizens.