Volume Of Money Transfers To Azerbaijan Through Turan System Announced

2023-10-26 10:09:11

(MENAFN- Trend News Agency) BAKU, Azerbaijan, October 26. Monthly transfers to Azerbaijan through the Turkish 'Turan Teknoloji Anonim Sirketi' (Turan) payment system amount to approximately 9.5 million liras ($340,000), Managing Director at United Payment Azerbaijan company Edgar Abdullayev said during the Fintech Forum, Trend reports.

He stated that the Turan payment system currently has over 120,000 active users and that over 700,000 transactions are processed monthly.

"Turan aims to increase this figure to 10 million liras ($360,000) in October and to 37.5 million liras ($1.3 million) per month in 2024," Abdullayev said.

He also highlighted Turan's future plans to expand its services to Uzbekistan, Kyrgyzstan, the Turkish Republic of Northern Cyprus, and Kazakhstan.

The Turan payment system intends to secure an Azerbaijani license for its activities. Negotiations with commercial banks and the Central Bank of Azerbaijan are also underway to ease money transfers from Azerbaijan to Türkiye.

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