AZE.US
A new rule on opening accounts at banks and other financial institutions has taken effect in Azerbaijan, marking another step toward digital banking in the country.
Under the new procedure approved by Central Bank Governor Taleh Kazimov, citizens have been able since March 30, 2026 to open accounts remotely, without having to visit a bank branch in person.
According to the new framework, customers can complete identification and comply with “know your customer” requirements from home, allowing the process to be handled fully at a distance.
Economist Vusala Ahmadova said the decision could become one of the key steps pushing Azerbaijan’s banking sector away from the traditional branch-based model and toward faster digital transformation.
She said the new rules appear to allow citizens to open bank accounts, deposit accounts and investment accounts online or through mobile applications. In her view, the change could bring serious shifts to the country’s financial sector.
One of the main benefits, she said, is speed and accessibility. Customers will no longer need to travel to a branch or wait in line, as opening an account could take only a few minutes on a phone or computer.
The change is expected to be especially important for people living in the regions and for Azerbaijani citizens abroad. In areas where bank branches are limited or absent, access to financial services could become significantly easier. Citizens living overseas would also no longer need to return to Azerbaijan just to open an account.
Ahmadova said this could lead to a noticeable increase in the number of banking customers. If the system works as a fully digital process, it could also make it easier for Azerbaijanis living abroad and for foreign nationals seeking to do business in the country to use a wide range of banking services.
That, in turn, could bring additional capital into Azerbaijan’s financial system.
The economist also said the move could pave the way for branchless banking models or nearly fully digital banks in Azerbaijan. If account opening and a wider set of services shift online, the need for some physical branches could decline.
Banks may then be able to reduce spending on branch maintenance, staffing and other operating costs. Ahmadova noted that a similar transition has already taken place in many countries where banks now provide most services through mobile applications.
She also expects the new rules to support faster development of the fintech sector. As digital identification systems become more open and accessible, fintech companies may find it easier to operate in Azerbaijan. She pointed to global names such as Stripe and Wise as examples of platforms that have made financial services faster while keeping commissions relatively low.