Local banks invest $230mln in their IT structure

10 April 2019 13:07 (UTC+04:00)

By Rashid Shirinov

Nowadays, the role of information technology in the banking sector of a country is crucial. Realizing this, Azerbaijani banks invest significant funds in maintaining and improving their IT structure.

Local banks invested about $230 million in their IT structure from 2013 to 2017, Trend reported citing Market Analysis Azerbaijan 2019.

The report says that half of investment was made in software.

"Banks, companies and state authorities are likely to invest significantly more than ever in innovative payment solutions in the coming years," says Market Analysis Azerbaijan 2019.

It also says that by 2020 it is planned to reduce the share of cash payments in Azerbaijan from 74 to 40 percent. Non-cash payments are expected to grow by 7 percent annually.

In September last year, Azerbaijani President Ilham Aliyev approved the state program on the expansion of digital payments in 2018-2020. In accordance with the state program, the annual volume of non-cash payments in Azerbaijan will reach approximately 17 billion manats ($9.97 billion) by 2021.

In general, Azerbaijan is one of the leading countries implementing high technologies in the region. Investment in the development of the ICT sector in Azerbaijan is expected to rise to $4 billion by 2020. Today, the country constructs high tech parks in the capital and in regions.

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