Azerbaijan`s Postal Office Prepares for Granting Micro Loans

Apr 2014
Azerbaijan, April, 20 2014 - The Azerbaijani postal operator, "Azerpoct" LLC is preparing for provision of micro-credit services. The postal operator intends to apply to the Central Bank of Azerbaijan for obtaining a license in this regard.

As the Ministry of Communications and High Technologies of Azerbaijan told Trend earlier, Azerpoct LLC is ready to proceed with the issuance of microcredit through the mediation of banks and without a banking license as practiced today in a number of CIS countries.

None of the banks in this area can compete with the postal operator because of its branching network, which in turn affect the economic activity in the regions of Azerbaijan.

Today, nearly 1,000 post offices of the Azerbaijani postal operator are provided with the possibility of rendering all banking services (except for the issuance of loans and deposits) based on the license of the Central Bank of Azerbaijan.

The postal operator implement banking serviced with the help of automated corporate information system.

By entry into the banking market of Azerbaijan Azerpoct LLC will compete seriously with players on the country's banking market.Today, 43 banks operate in Azerbaijan, with over 700 branches. Furthermore, Azerpoct offices exceed 1,600 branches.

Source : Trend

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