We see telecom services as a powerful lever to make significant contributions to the development of society
With a large customer base and distribution capabilities, telco companies have proven greater relevance in the financial services sector.
Consumer demand has developed beyond the simple need for communication and has grown exponentially beyond connectivity. There is a rising need for complementary services, and Fintech is an excellent example of this trend.
With the modern ability to access financial facilities on the go through smartphones, telco companies can prove greater relevance in the financial services sector with their large customer base and distribution capabilities.
Using a phone as a mobile wallet for money transfers, utility bill payments, and rent payments among other services, is invaluable. These opportunities apply to individuals with limited or no access to banks and those who prefer simpler onboarding processes.
Universal accessibility, including in rural and remote areas, is a tremendous advantage that telcos can leverage for purposes above and beyond communications. Adding fintech capabilities to a vast telecommunications network creates excellent opportunities for businesses and consumers.
The advantage is not only based on size but also on timing: nowadays people typically possess smartphones at a very young age, giving telecom operators an edge in establishing customer relationships early on.
By providing these services to the unbanked population, mobile operators are able to connect people beyond communication in their daily exchanges of goods and services and, enable the financial inclusion agenda.
Developing new directions and following its strategic purpose of “Easing connectivity, empowering lives!”, Azercell, the host sponsor of GSMA M360 Eurasia, is continuously expanding its digital product portfolio. In summer of 2022, Azercell launched its own fintech, constantly adding new features to the digital card marketed under the ‘akart’ trade name.
“The telecommunication industry across the globe is looking for ways to diversify its business model and find new growth opportunities. We believe that the strength of a telecommunications company is rooted not only in the size of its client base but also in their ability to positively affect the quality of its customers’ life.
As Azerbaijan’s leading mobile operator with more than 5 million subscribers, we had many compelling reasons to enter the fintech industry. We bring innovative and secure solutions to the market by leveraging our extensive reach, strong customer relationships, and sophisticated data analytics.”, says CEO Zarina Zeynalova.