Azerpost to have 5 percent share in financial services market

According to a forecast released by the Ministry of Communications and Information Technologies (MCIT), Azerbaijan’s national operator Azerpost will take over about 5 percent of the country’s financial services market.

According to information provided to “ICTnews” online news service by the head of MCIT’s Postal Sector Novruz Mammadov, Azerpost has been able to achieve considerable success over a relatively short period of time.

Azerpost has been rendering financial services since 2010, and is already issuing its own debit cards. In addition to that, Azerpost has started creating ATM and POS-terminal network. Over the past year, the volume of revenues Azerpost earns from financial services grew by 4 times, increasing from 200,000 to 800,000 manat.

Japan has a financial service market that has been formed over many years, but the postal sector’s share in this market is only 10-12 percent. Given that there are 43 banks in Azerbaijan with a strong competition among them, we expect our postal sector’s share in the financial services market to reach 5 percent in the near future.

Trainings are now being conducted by Azerpost for employees of its regional post-offices in order to improve their proficiency in rendering financial services. Availability of a wide regional service network is our main advantage, but need to continue our work towards rising professional skills of our employees and enlightening our population on using these services, if we want to exploit this advantage to the maximum effect. And this work requires certain amount of time to be done.”

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