CBA: Non-residents can open bank accounts without coming to Azerbaijan

The expansion of digitalization of financial services in Azerbaijan should lead to another important nuance, namely, electronic access to banking services for non-residents and, as a result, the formation of a favorable ecosystem in Azerbaijan, the creation of appropriate opportunities for the growth of investment rates, Director General of the Central Bank of Azerbaijan (CBA) Farid Osmanov said at the online conference "The Role of Financial Institutions in the Development of the Digital Ecosystem," Report informs.

Osmanov noted that non-residents can also open accounts in Azerbaijani banks: “This practice was first introduced in Estonia in 2014 as part of the mobile and electronic resident project. Since that date, more than 73,000 non-residents have become virtual residents of Estonia. Some 20 percent of these virtual residents gained access to electronic banking services.”

He noted that in 2018-2020, as part of the implementation of the state program to expand the coverage of digital payments, the CBA implemented infrastructure projects, and also carried out work to create and improve these platforms: “Also, non-residents got the opportunity to open bank accounts without coming to the country.”