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Agent banking model launched for the first time in Azerbaijan

Agent banking model launched for the first time in Azerbaijan

The Central Bank of the Republic of Azerbaijan gives high priority to the financial inclusion of the country and to support that cause, they have recently launched the Agency Banking model.

This model will enable the banks and Financial Institutions to make banking services more accessible to most of the population by appointing third parties. The Central Bank initiated this project as part of the ‘Expansion of relevant infrastructure to create opportunities for citizens and businesses to use financial services outside the city centres’ action specified in the ‘State Program on expansion of digital payments in the Republic of Azerbaijan for 2018-2020’ approved by Decree # 508 of the President of the Republic of Azerbaijan dated 26 September 2018. As a pilot project, the agency banking services will start from Access Bank CJSC and will soon involve other banks of the country too.

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