Azerbaijan witnesses surge in internet banking activities

The volume of internet banking transactions in Azerbaijan increased by 18% in the first quarter of 2024, compared to the same period last year and exceeded 59 billion manats (over $34.7 billion), said Rashad Orujov, the first deputy chairman of the Central Bank of Azerbaijan, Azernews reports.

According to him, the volume of mobile banking services has doubled to 15 billion manats (over $8.82 billion).

In total, 93 percent of customer transfers to current accounts in number and 75 percent in volume were carried out by electronic banking in the first quarter of this year.

As of April 1 of this year, the number of payment cards in circulation in Azerbaijan increased by more than 22% compared to the corresponding period of last year and amounted to 17.4 million, Rashad Orujov noted at at the Fintech Summit.

He said that in the first quarter of this year, the volume of domestic non-cash payments made by cards increased by more than 80% and exceeded 16 billion manats ($9.4 billion).

"Compared to 2023, the specific weight of domestic card payments in non-cash circulation increased by 11% to 62%," Orujov added.