OREANDA-NEWS. July 14, 2010. Project for the development of financial services stipulated by the “State Program for the Development of National Payment System in the Republic of Azerbaijan” and the implementation of which began on October 14, 2005 has been completed, reported the press-centre of CBA.

“For the provision of financial services prudential regulation rules related to this activity were prepared by the Central Bank after the licensing of the national postal operator”, and a new charter of the “Azerpocht” LLC was adopted within the project. Azerpocht LLC as well as its bank branches have been given special permissions by central bank for the provision of financial services. At present, gradual licensing process of post offices and departments meeting organizational and technical requirements is carried out. In addition, during the implementation period of the project, application of Automated Corporate Information System providing for automation of all the operations and services of Azerpocht LLC was also successfully completed.

Much work has been done for the achievement of aims set within the project. Firstly, for the technical assistance to Azerpocht LLC, an international consultant company was involved. As a result of more than 2-year cooperation, consultants of the international company assisted in the implementation of institutional construction of Azerpocht LLC, and provided consultation services in the management of accounting, budget, risks and liquidity, reconstruction of internal auditing, IT, IT safety, post offices, and other modules.

One of the most important sub-components of the project was the provision of Azerpocht LLC with necessary IT hardware. For this purpose, first of all, head office was completely automated; further, computer hardware modern parameters was purchased for post offices and department located in Baku city and other regions.

Within the project, Azerpocht LLC underwent structural changes, first of all, management structure and then post offices and department of Azerpoch LLC were reconstructed.
Head of the mission of the project for the “Development of the Financial Services” of the World Bank, Mr. Michael Edwards, on June 25-30 of the current year has carried out the last control mission in connection with the completion of the project, assessed positively general results obtained within the project and inspected the local post offices and departments.
In the project supporting the development of the national payment system the population was provided with free access to bank and financial services by using the existing basis of Azerpocht LLC, there was created an opportunity to offer clients wide services by means of 1200 post offices.