17 May 2019, Baku: The Central Bank of the Republic of Azerbaijan has developed an information retrieval system for financial products and services in accordance with the requirements of the ‘Increasing knowledge and skills of financial market participants’ target of the ‘Strategic Roadmap on Development of Financial Services in the Republic of Azerbaijan’ approved by Decree#1138 of 6 December 2016 of President of the Republic of Azerbaijan and the ‘State Program on expansion of digital payments in the Republic of Azerbaijan for 2018-2020’.
As a part of the Financial Literacy portal (www.bizimpullar.az), the system allows consumers to get financial products related information from a single source, select a favorable product or service through comparison and make rational decisions during the selection. Also the information retrieval system will contribute to easing the access of the population to financial services and stimulate use of these services, boost competition in the financial services market, making introduced products and services more qualitative and improve their conditions.
Banks are being integrated to the system that has already been tested. To note, the banks that have joined the system place and regularly update the information on key financial products (e.g. savings, loans, payment cards etc.), branches and divisions, payment terminals and other services (conditions and tariffs) to the system. At the same time, there is a link for more detailed information on every product and service placed on the system. From this standpoint, the information retrieval system for financial products and services is an effective facility for information sharing between the population and financial institutions.
NBCIs, payment agents and other financial service suppliers are planned to be integrated to the system along with banks in the nearest future.