The increasing use of digital banking is expected to raise Azerbaijani banks’ fees and commissions, as well as support cost efficiency, as lenders look to reduce branch networks and headcount.
In the first half of 2021, the volume of internet banking transfers increased by 58.5%, reaching a value of 59 billion manat ($34.7bn), compared with the first half of 2020, according to the Central Bank of Azerbaijan, as reported by Trend. Digital banking accounted for about 65% of all money transfers in the first half of 2021, with individuals making 25.5 million transfers worth a total 93.3 billion manat.
