Azerpoct Limited, the national postal operator of Azerbaijan, announced that it will begin offering microcredit services in 2011.
Mr Novruz Mamamdov, the head of Postal Office of the Ministry of Communications and Information Technologies of Azerbaijan, “we expect to sign an agency agreement with one of the rating banks in Azerbaijan. At primary stage we intend to grant microloans in small amounts of AZN 300 (USD 375) up to AZN 5,000 (USD 6,248).” Details such as interest rates to be charged are unavailable at this time.
Currently, Azerpoct provides financial services including the opening and managing of mail accounts, issue of debit cards, currency exchange and a variety of savings products. Azerpoct has approximately 75 branches around Azerbaijan. The 26 microlenders reporting data to the Microfinance Information Exchange for 2009 report an aggregate loan portfolio equivalent to USD 845 million and 323,000 active borrowers.
By Witt Gatchell, Research Associate
[1] ABC.az: “Azerbaijan’s postal operator to micro-credit since 2011”
http://abc.az/eng/news/main/49821.html
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