Azerbaijan’s postal operator Azerpost can be used as part of agent banking, expert of the International Finance Corporation (IFC) Sachin Bansal said, according to Trend.
Bansal made the remarks at the FINTEX Summit entitled “New trends in banking and payment ecosystem: innovative solutions, financial technologies and security” in Baku.
“Seven bank branches account for every 100,000 citizens in the country, which is a very low figure,” he said.
In this regard, Bansal offered to use the experience of agent banking in involving post offices. “The banks use post offices as a tool for agent banking in some Asian and African countries,” he said.
The expert offered the Azerbaijani banks to cooperate with Azerpost. “If seven bank branches account for every 100,000 people, it is difficult to use banking services for residents of remote settlements,” he said.
“The cooperation with Azerpost can be a profitable and effective solution, as this will help in issuing loans which will be an additional income for both Azerpost and banks as a whole,” he noted.