However, TCM Financial Services have realized the tremendous role DFS can play for financial inclusion and seek to unlock this potential by creating enabling environments for digital financial services.
Here Is the Information!
In Azerbaijan, an advisory project is launched to boost financial inclusion - improving access to financial services for small businesses. Also, helping them grow and create jobs.
IFC, a member of the World Bank Group, and funded by Switzerland’s State Secretariat for Economic Affairs (SECO) - implemented this Electronic & Digital Financial Services Project.
According to IFC, Introducing of modern e-banking services will improve the access to financial services over the next three years. Mainly, they are going to benefit customers who find it difficult to access branch-based services.
As per the analysis of World Bank’s Financial Inclusion Data Global Findex, only 29 percent of Azerbaijan’s adult population has an account with a financial institution, compared to an average of more than 50 percent in Europe and Central Asia. However, the project will work with country’s government agencies, financial institutions, processing centers, mobile network operators and others. This helps customers to simplify the process of online banking for transactions, including bill payments and money transfers.
Alim Guliyev, First Deputy Chairman of Central Bank of Azerbaijan said – improving access directly improve access to universal financial services. Also, he said, this project helps to simplify many bank-related processes for individuals and business owners, especially in remote areas.
High fees, cost and time required traveling to the nearest bank branch often hamper access to reliable financial services such as TCM Financial Services for both individuals and businesses, particularly in remote areas. By digital service advent, our aim is to introduce models that deliver financial services at lower prices for Azerbaijan’s population.
Around 32 banks are presently implementing these activities in the country. The total capital of Azerbaijan’s banking sector for the first 4 months of 2017 amounted to almost 2.75 billion manats [$1.6 billion]. Azerbaijan became a member of IFC in 1995. As of July 31, 2017, IFC had invested around $473 million in the country. In which $73 million was mobilized from other lenders, financing 56 long-term projects. They include an across a range of sectors such as financial services, infrastructure, and manufacturing sectors. In addition, TCM Financial Services in their report have shared that IFC has supported around $80 million in trade through its trade finance program, and provided $250 million for the Baku-Tbilisi-Ceyhan pipeline. IFC has also implemented a range of advisory projects aimed at encouraging private sector growth.