Azerbaijan banking sector sees card growth and bank liquidations

The Azerbaijani banking sector is seeing significant shifts in both infrastructure and institutional status. According to the Central Bank of Azerbaijan, the number of payment cards in circulation through banks and Azerpost reached 22,974,000 by the end of August, an 8.7 percent increase compared to the same period last year. Debit card usage rose by 10.2 percent annually, while credit cards saw a 4.3 percent decrease.

Cashless transactions reached 8.888 billion manat in August, with electronic commerce accounting for 7.682 billion manat of that total. Cashless payments now represent 69.8 percent of all domestic card transactions. While the number of ATMs increased by 3.8 percent year-on-year, the number of POS terminals decreased by 7 percent.

Separately, the Deposit Insurance Fund has announced real estate auctions for several banks undergoing liquidation. Auctions scheduled for October 7 at the Baku Auction Center include assets from Deka Bank, Demir Bank, United Credit Bank, and AG Bank. A second round of auctions on October 14 will involve assets from AG Bank, Ganja Bank, Bank of Azerbaijan, and Mugan Bank. These assets include residential apartments, commercial buildings, and real estate complexes across various regions including Baku, Sumqayit, Imishli, and Ganja.