Citizens in Azerbaijan will soon have the flexibility to receive their pensions, salaries, and social benefits through a bank of their choosing.
According to Operative Information Center-OMM, citing APA, this initiative was announced by Tofiq Acirqayev, Administrator of Payment Systems at the Central Bank of Azerbaijan, during his speech at the "International Finance and Banking Summit 2026" held in Baku.
According to the official, this project is not mandatory.
"This approach will provide citizens with the freedom to choose their own banks. We aim to create alternative options for individuals receiving funds. The special service packages offered by banks to pensioners, including incentives for cashless payments, will be expanded," Acirqayev stated.
He further explained that in the initial phase, salary payments will be processed through the Instant Payment System, with pensions and social benefits to follow in subsequent stages. "This is a broad and multifaceted project. Ongoing discussions are being held among all parties involved in the integration of this system," he added.
The Instant Payment System (IPS), launched by the Central Bank of Azerbaijan, serves as a critical component of the country's digital financial infrastructure. By enabling real-time, 24/7 transactions, the system aims to reduce reliance on cash, enhance financial transparency, and improve the overall efficiency of the national banking sector, aligning with Azerbaijan's broader strategy to modernize its financial services and promote a cashless economy.
