"All analyses show that the common platforms we will create and develop together with other neighboring Turkic-speaking states will create important conditions and opportunities for further reducing the cost of the services we provide and for further expanding the range of services offered," President of the Azerbaijan Banks Association (ABA) Zakir Nuriyev said during his speech at the International Finance and Banking Summit 2026 held in Baku, APA-Economics reports.
"As the Azerbaijani banking sector, we are using a significant portion of the achievements and revenues we have gained specifically to reduce the cost of the services we provide to our customers and to lower prices.
Starting from March of this year, following the reduction of the tariff for interchange services, we are considering the application of additional regulatory measures in the upcoming period to further strengthen security measures based on this and to eliminate various factors hindering the development of this card business. We believe that setting these limits, determining limits in the field of card operations, and applying various limits on daily transactions and asset transactions will make an important contribution both to increasing the security of card users and to eliminating problems in this area," he stressed.
He also noted that the implementation of the instant payment system and the QR code system will make a significant contribution to reducing the cost of services provided to customers. The banking sector is well aware of its responsibility in this regard.
"Within a short period since the system began operation, nearly 50% progress has already been achieved. This achievement will also make significant contributions by the end of the year.
As I mentioned, this will help achieve both greater security and lower costs for the services we provide, and overall will support the further enhancement of our role in economic development," Zakir Nuriyev said.
Follow us on Telegram
t.me/apanewsaz
Follow us on Instagram
Follow us on TikTok
Follow us on Facebook
Follow us on X
