Azerbaijan-based banks invested $230M in IT in four years

“$80 million will be invested in construction of fiber optic network in Azerbaijan by 2020," Report informs citing Market Analysis Azerbaijan 2019 publication of German-Azerbaijani Chamber of Commerce (AHK Azerbaijan).

According to the analysis, the network cabling will reach 95% in the next 6 years: "The network will be supplied with fiber cables 70% in 2020, 95% in 2025. Broadband internet network was 55% in 2016. The broadband mobile internet network will reach 70% in 2020 against 30% in 2016."

The publication also informed about cashless payments: "Cash payments are forecasted to fall from 74% to 40% in 2020. Cashless payment is expected to rise 7% every year. Within the restructuring program of the banking sector, banks invested $230 million in IT sector in 2013-2017, of which half of these funds was spent on software purchase."