Cistran Finance Exploring the Spirit of Capitalism's New Frontier

Monday, February 17, 2020

International Bank of Azerbaijan connecting pensioners to cashless payment system

The International Bank of Azerbaijan will soon offer interest-free loans for pensioners through their pension cards.

"Within the framework of project 'Pension+,' all pensioners will be able to get through their pension cards an interest-free loan in the amount of AZN 100 to be withdrawn from pensioner's account during the financing of pension of next month and automatically renewed. Pensioners will also be able to use a pension card as full payment card in shopping malls and pharmacies to be included in the list of partners," IBA General Director Elmir Habibullayev said.

Elman Mehdiyev, the chairman of the State Social Protection Fund, said that a wide network of cash machines has been created in Baku and other regions of the country.

"In spite of this, queues gather regularly in front of IBA cash machines, as most pensioners still do not understand the possibilities of using cards as means of payment. That is why it was decided to launch a similar project with the help of which we will not only be able to provide additional financial support to retirees who are in need, but also to promote pension plastic cards as a payment tool," Mehdiyev said.