15 March 2022, Baku: The Central Bank always attaches great importance to boosting financial inclusion in the country and high access to financial services for the population and businesses anywhere regardless of the place of residence. As part of related efforts, the introduction of the agent banking model in the country has started in cooperation with the Central Bank, the Access Bank CJSC and the Azerpost LLC and in partnership with the Swiss State Secretariat for Economic Affairs SECO with the advisory support of the International Finance Corporation (IFC).

The agent-banking model is the provision of banking products and services to customers by third parties. In international practice, the agent-banking model is widely used to increase access to banking services, especially in the areas with a small number of bank branches and departments.

Note that the Central Bank initiated the said project as part of the ‘Expansion of relevant infrastructure to create opportunities for citizens and businesses to use financial services outside the city centers’ 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. The Bank studied opportunities for introduction of the agent-banking model in the country at an initial stage and identified the coverage of banking services to be introduced within the frames of the pilot project.

The population and businesses can use banking services provided by the Access Bank CJSC through the branch of the Azerpost LLC located in the town of Agdash from March onward. As a result access of the population and private entrepreneurs will expand by effectively using the infrastructure of the Azerpost LLC.

Currently, efforts are under way to introduce the agent-banking model. At the next stage, other banks are planned to be involved in the project and the agent-banking model to be applied using the wide branch network of the Azerpost LLC in all areas with low access to banking services.