Azerpost LLC to provide services under first agent banking project in Azerbaijan

In order to expand access to financial services in the country, the application of the agent banking model has been launched as part of the joint cooperation between Azerpost LLC under the Ministry of Digital Development and Transport and Access Bank CJSC. The project, initiated by the Central Bank of the Republic of Azerbaijan and supported by the International Finance Corporation (IFC), is aimed at expanding financial inclusion in the regions.

The agent banking model is the provision of banking products and services to clients by third party organizations. In international practice, this model is widely used to expand access to banking services, especially in areas with a small number of bank branches and departments.

It should be noted that the project is being implemented in Azerbaijan for the first time, and Azerpost LLC will perform the function of agent bank.

According to the agreement, at the initial stage, the Azerpost branch in Aghdash region will join the project. From March, citizens will be able to carry out banking operations at the post office.  First of all, clients will be offered micro and agro loans, as well as consumer loans and debit cards.

According to the agreement reached between Azerpost LLC and Access Bank CJSC, this year the agent banking project will cover several other regions.

As a result of the project implementation, banking products and services will become more accessible to the residents of the region.