Post offices of Azerbaijan to render financial services

Adoption of amendments to Law on Post Communications will not mean automatic permission for post services to start rendering financial and banking services.
Ziyad Samedzadeh, the chairman of the Permanent Parliamentary Commission for Economic Policy, said the project stipulates transition period, but not as a concrete term.

This week the Parliamentary Economic Policy Commission recommended Milli Majlis (Azerbaijani parliament) discussed draft amendments to the Law on Postal Services permitting post offices to render financial and bank services.
Post offices are expected to render such bank services as certain settlements, issue of debit and credit cards, receipt of deposits, fast money transfers.
The system when post offices are drawn to render bank services has been applied effectively in Kazakhstan, France and Japan.

Azerbaijan is numbering 1,700 post offices currently.

Adoption of amendments to Law on Post Communications will not mean automatic permission for post services to start rendering financial and banking services.
Ziyad Samedzadeh, the chairman of the Permanent Parliamentary Commission for Economic Policy, said the project stipulates transition period, but not as a concrete term.
“To start rendering financial services the post offices need to create suitable conditions at first. Then they should apply to the state bodies, check and give permission. The Bill stipulates that nobody will render such services straight away. Post offices have to meet suitable requirements i.e. to create conditions for security and storage of deposits,” Z.Samedzadeh said.
This week the Parliamentary Economic Policy Commission recommended Milli Majlis (Azerbaijani parliament) discussed draft amendments to the Law on Postal Services permitting post offices to render financial and bank services.
Post offices are expected to render such bank services as certain settlements, issue of debit and credit cards, receipt of deposits, fast money transfers.
The system when post offices are drawn to render bank services has been applied effectively in Kazakhstan, France and Japan.
Azerbaijan is numbering 1,700 post offices currently.