The winners of tenders held by the State Social Protection Fund (SSPF) were the International Bank of Azerbaijan (TIN - 9900001881) and Kapital Bank (TIN - 9900003611).
According to Yeniаvaz.com, for the acquisition of banking services provided for cashless salary payments to the SSPF, as well as all types of payments processed by the SSPF, the International Bank of Azerbaijan will be paid 23,573,03.90 kopecks, and Kapital Bank will be paid 28,015,689.90 kopecks.
It should be noted that the contract period covers January-December 2026.
By comparison, following a similar tender held last year, the State Social Fund of Azerbaijan paid IBA 22,981,530 manat and 5 kopecks, while Kapital Bank received 24,560,167 manat and 80 kopecks.
As can be seen from the published information, over the past year, the amount the State Social Fund will pay to IBA increased by 591,500 manat, or 2.6%, while the amount it will pay to Kapital Bank increased by 3.46 million manat, or 14.1%.
It should also be noted that for many years, social payments made by the State Social Fund were handled by these two banks. This situation has repeatedly sparked discussions in the press and on social media. Many experts believe that the implementation of the social payments system by two banks hinders competition in this area and simultaneously leads to citizens receiving social payments waiting in line for hours at ATMs.
It should be noted that Decree No. 3378 on the approval of the "Socio-Economic Development Strategy of the Republic of Azerbaijan for 2022–2026," signed by the President of Azerbaijan on July 22, 2022, also stated that by the end of 2026, interbank competition in the social payments sector would be strengthened and freedom of choice of bank for receiving pensions and benefits would be ensured.
Elnur Ali
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