Baku: Platforms to be established with Turkic-speaking states will reduce service costs, according to Zakir Nuriyev, President of the Azerbaijan Banks Association (ABA). Nuriyev highlighted these initiatives during his speech at the International Finance and Banking Summit 2026 held in Baku, as reported by APA-Economics.

According to Azeri-Press News Agency, Nuriyev emphasized that the collaborative platforms with neighboring Turkic-speaking states will create substantial opportunities to lower the costs of services provided by the Azerbaijani banking sector. He detailed that a significant portion of the sector's achievements and revenues are being directed towards reducing customer service costs and expanding service offerings.

Nuriyev noted that since March, following a reduction in interchange service tariffs, additional regulatory measures are under consideration to enhance security and address factors hindering card business development. He proposed setting limits on card operations and daily transactions as a means to bolster user security and resolve existing issues in the sector.

Furthermore, Nuriyev pointed out that the implementation of instant payment and QR code systems is expected to contribute significantly to cost reduction. He stated that nearly 50% progress has been achieved since the system's initiation, forecasting substantial contributions by the year's end. These advancements are anticipated to enhance security, lower service costs, and bolster the banking sector's role in economic development.