Muganbank is a financial institution that offers services for individuals, entrepreneurs, and legal entities. The bank was established in 1992 in Azerbaijan. The establishment was launched with the goal to develop the economy of the country and contribute to the growth of the Azerbaijan banking sector. The bank became one of the key players that form the financial landscape of the region. Currently, this is one of the most popular banks of the region. The bank has 23 branches and 10 sub-branches.
After almost three decades of operation, Muganbank remains a stable and trustworthy partner, while its market position continues to strengthen. It is explained by the smart strategic vision of the company. The facility works as a universal bank with branches throughout the republic. The bank targets the population and SMEs (small and medium enterprises).
The innovative Muganbank platform helps the bank to expand its geography and raise the digital capabilities of the country to a higher level. This is one of the most efficient methods of money transfer. It is also worth noting the convenience of using such a facility. In this way, funds become available to buyers in seconds, while access is granted round-the-clock without holidays and days off.
Merchants using the system find it highly efficient. Companies get the possibility to reach new financial markets easily with simplified management and lower expenditures. Customers don’t have to worry about the security since the system employs the capabilities of the MasterCard Network to prevent risks. It refers to financial and regulatory spheres, along with the fraud risks.
The bank uses a customer-centric attitude to deliver highly-professional services. Muganbank applies an individual approach to its clients and plans to adapt the organizational structure to the customer-focused model. Remote account opening is one of the services provided by the bank for merchants and organizations. Users can take advantage of mobile banking as well. Also, the bank offers loans to small and medium-sized businesses.
In partnership with Mastercard, the bank has enabled money transfers to over 100 countries of the world. The facility has launched an inter-account money transfer platform, which is the first innovative product in Azerbaijan. The transfers are made fast, securely, and with low commissions. These are real-time transfers to bank accounts or digital accounts, which are conducted without participation of correspondent banks. It helps to avoid existing restrictions, decrease settlement time considerably, make transfers cheap and instant, thus alleviating the procedure.
The bank completed the program funded by the EBRD (European Bank for Reconstruction and Development, the EU, and the Ministry of Finance and Treasury of Turkey. The goal of the program is to improve the stability of the local financial system and to stimulate lending for SMEs.
The first direction of the program focused on strengthening the strategy and strengthening business planning, risk management, information technology, and solving problem loans. The second direction is aimed at expanding the financial capabilities of SMEs through credit operations, marketing strategy, staff training, monitoring and creation of recovery units.
How to join the system
It is possible to contact the bank on working days from 9 a.m. to 5 p.m. Merchants can find the contact data on the official website of the company and contact managers to discuss the terms of partnership with the bank.