Cistran Finance Exploring the Spirit of Capitalism's New Frontier

Tuesday, December 12, 2017

Payment cards for social assistance fail to gain popularity in Azerbaijan

According to government officials, Azerbaijani banks have shown little interest thus far in issuing plastic cards for the recipients of targeted social assistance (TSA) programs.

"Therefore, the tender for the replacement card of through which social assistance is provided, had to be postponed," Minister of Labor and Social Protection Salim Muslimov said, Trend News Agency reports. "Also, I would like to note that the replacement of the card will be made in any case, regardless of the level of interest and the number of interested banks."

Currently, only the International Bank of Azerbaijan and Kapital Bank, which also produces pension cards, issue social assistance cards. The decision to issue plastic cards for people on TSA was made to eliminate any adverse effects related to the payment of assistance.

There are currently 5.9 million plastic cards in circulation in Azerbaijan, up 4.3 percent from the beginning of the year, according to Trend News Agency.