An important innovation regarding the process of opening accounts in banks and other financial institutions in Azerbaijan has come into force. According to the new rule approved by the Chairman of the Central Bank, Taleh Kazimov, starting from March 30, 2026, citizens will be able to open accounts in financial institutions remotely, that is, without physically going to the bank.
Citizens will be able to handle the process from home by passing identification and complying with "know your customer" rules remotely.
Medianews.az reports that economist Vüsalə Əhmədova stated in a comment to Musavat.com that this decision can be considered one of the main steps rapidly leading Azerbaijan’s banking sector from traditional branch banking to digital banking: "According to the new rules, it appears that citizens will be able to open bank accounts, deposit accounts, or investment accounts online or via mobile applications without going to a bank branch. I believe that allowing remote account opening in Azerbaijan could cause significant changes in the financial sector. This innovation has important advantages for both citizens and the banking sector. Firstly, these changes will make banking services faster and more accessible. There will be no need to go to the bank or wait in line anymore. It will be possible to open an account within a few minutes using a phone or computer. Especially, opening accounts will become much easier for people living in regions or citizens living abroad. For example, people living in areas with few or no bank branches will be able to use banking services comfortably. Likewise, our citizens abroad will not be forced to come to the country to open a bank account in Azerbaijan. Thus, I believe there will be a considerable increase in the number of bank customers."
According to the expert, if the process works entirely digitally, Azerbaijanis living abroad or foreigners wishing to establish a business in the country will be able to use many banking services more conveniently: "This could bring additional capital to the country's financial system. Also, after this innovation, branchless bank models or almost fully digital banking could emerge in Azerbaijan. For example, if opening accounts and many other services are online, some branches may no longer be necessary. Since there will be no need to open a large number of branches, the costs of maintaining branches, number of employees, and other operating expenses will decrease. This process has already taken place in many countries. There are many banks worldwide that provide almost all their services via mobile applications. Additionally, this change can accelerate the development of fintech startups. When digital identification systems are open, fintech companies can operate more easily. For example, there are well-known fintech examples in the world such as "Stripe" and "Wise." These platforms make banking services faster while keeping commissions quite low."