Azerpoct to issue micro loans
By Aynur Jafarova
The Azerbaijani postal operator, "Azerpoct" LLC is preparing itself for provision of micro-credit services.
The postal operator is planning to apply to the Central Bank of Azerbaijan (CBA) for obtaining a license in this regard.
As the Communications and High Technologies Ministry reported earlier Azerpoct LLC is ready to proceed with the issuance of microcredit through banks' mediation and without a banking license- as it is 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 capabilities of offering all banking services (except for the issuance of loans and deposits) based on the license of the Central Bank of Azerbaijan.
The postal operator offers banking services with the help of automated corporate information system.
By entring the banking market of Azerbaijan Azerpoct LLC will compete seriously with players on the country's banking market. Today, 43 banks are active in Azerbaijan, with over 700 branches. Furthermore, the number of Azerpoct offices exceeds 1,600 branches.