Traditionally on 30 June the State Social Security Fund (SSSF) awarded contracts on provision of banking services for payment of pensions, social allowances and other social payments by bank cards and other forms of payment to two banks. However, this time the date of execution of these contracts begins with the signing without having completed the previous two similar contracts between the parties.

According to the unified portal of public e-procurements, LLC International Bank of Azerbaijan (State Bank) and OJSC “Kapital Bank” (part of “PASHA Holding”) were awarded contracts worth AZN 8,238,200 and AZN 8,932,600 respectively. The term of the contract is 12 months.

Recall that the previous contract between the parties was signed on 18 October last year. The IBA received a one-year contract for AZN 11.53 million and the “Kapital Bank” – for a similar amount. It is not known what early agreement on service of social accounts is linked with.

Note that the payment of pensions and other social payments in cashless form is carried out in Azerbaijan since 2002. Although the selection of banks is performed by tender, these two banks solely win the tender. According to Turan, 20 years ago pensioners were served worth AZN 3.2 million a year. This year this sum amounts to 17.1 million manats.

Source: Turan News Agency