The Armenia Banking is charged with regulating the money supply, circulating currency and regulating commercial banks of the country. These encompassed with seventeen banks which offers services to individual and corporate clients. All banks are owned privately and the central bank is regulating them. This banking system offers excellent service to customer including, low charges, enhanced privacy, wide range of modern banking and others. Moreover the benefits for tourists wide range of cards from VISA and Master Card. This also offers beneficial support to the microfinance, electronic and mobile banking services, insurance and others.This growth is primarily driven by Growing Demand for Non-Cash Transactions Globally and Increase in Foreign Exchange Is Driving Factor in the Market for Armenia Banking.
Globally, a noticeable market trend is evident Armenia’s Banks Are Chasing an Aggressive Digitalization Strategy, Updating Their Processes Both Internally and Externally Is Growing. Major Players, such as ACBA-Credit Agricole Bank (Armenia), Ameriabank CJSC (Armenia), Anelik Bank(Armenia), Ararat Bank(Armenia), ArdShinInvest Bank(Armenia), AreximBank(Armenia), Arm Business bank(Armenia), ArmEconomBank(Armenia), Armenian Development Bank(Armenia) and ArmImpexBank(Armenia) etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
- Growing Demand for Non-Cash Transactions Globally
- Increase in Foreign Exchange Is Driving Factor in the Market for Armenia Banking
- Armenia’s Banks Are Chasing an Aggressive Digitalization Strategy, Updating Their Processes Both Internally and Externally Is Growing
- Networks Preventing Uptake in Rural Areas
Government and CBA commitment for Armenian banking and Growing Economy, Demand for Loans, Growth in Financial Liquidity among the End User to Expand the Armenia Banking Services Dramatically
Limitations on Transaction Amounts, Capital Requirements to Obtain Electronic Money Licenses and High Dollarisation Is Structural Challenge for the Armenian Banking System
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