Xalq Bank

What Xalq Bank does

Xalq Bank is an Azerbaijani commercial bank founded in 2004 and operating under Banking License No. 246 from the Central Bank of Azerbaijan. The bank serves both retail individuals and corporate/legal-entity customers across Azerbaijan through a 31-branch physical network spanning Baku, Sumgait, Ganja, and 28 regional cities, complemented by the XalqOnline internet and mobile banking platform that provides 24/7 account access, transfers, payments, and loan services.

The product portfolio spans payment cards (loyalty co-brands XalqKart PETROL and CASHBACK, premium Visa Infinite/Mastercard Black/Visa Platinum tiers, and a virtual Digital Card), loan products (consumer, three mortgage variants including MCGFRA state-subsidized, car, salary-linked, renovation, credit card, and deposit-guaranteed), deposits (Progress, Fixed, VIP-Rentier, Child's Savings, Digital Deposit), money transfers (Western Union, UPT for Turkey, Zolotaya Korona for CIS), and ancillary services (safe deposit boxes, gold bars, unallocated metal accounts, current accounts, E-reference, E-PIN). The corporate division offers business cards, business and agricultural loans, trade finance, acquiring, QR and link payments, bulk payments, salary projects, and an Open API for programmatic integration.

The revenue model relies primarily on net interest spreads from lending (consumer loans at 14-20%, mortgages 4-15%, car loans from 14%) against deposits earning up to 10.50%, supplemented by transaction fees on card issuance and maintenance, money transfer commissions (Western Union, UPT, Zolotaya Korona), merchant acquiring, safe deposit box rentals, and spreads on gold and precious metal services. Go-to-market combines physical branch distribution with digital self-service channels (online loan ordering, online card ordering, XalqOnline mobile and web), government e-services integration (e-gov.az, ASAN imza), and a co-branded loyalty ecosystem with Azpetrol, Baku City Residences, and 100+ merchant partners across retail, F&B, healthcare, education, and tourism sectors.

Name

Xalq Bank

Legal name

Xalq Bank

Website

https://xalqbank.az

Company type

Private

Founded year

2004

Operating status

Operating

Headcount range

51–100 employees

Short description

Xalq Bank is an Azerbaijani commercial bank licensed in 2004 that serves retail and corporate customers through 31 branches nationwide and the XalqOnline digital banking platform, offering cards, loans, deposits, money transfers, and trade finance.

Ownership category

akta.pro rank

Product category

Retail and Commercial Banking

NAICS

Commercial Banking (52211), Depository Credit Intermediation (5221)

SIC

State Commercial Banks (6022)

akta.pro primary industry

Digital Banking & Neobank Platforms (BPAMAFAD)

akta.pro secondary industries

Cross-Border & FX Payments Platforms (BPAMAFAK), Neobank Core Platform (Retail/SME Digital Bank) (FSAGAAAA)

Keywords

• Retail banking services
• Consumer loans mortgages
• Corporate banking
• Payment cards issuance
• Money transfer services

Headquarters

HQ city

Baku

HQ country

Azerbaijan

HQ region

Asia

Offices30 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Technology or R&D, Marketing or Sales

Revenue model

1. Interest Income from Lending: Primary revenue from interest charged on consumer loans, mortgages, car loans, agricultural loans, business loans, and credit cards. Interest rates vary by product: consumer loans 14-20% p.a., mortgages 11-15%, car loans from 14%.
2. Fee and Commission Income: Fees from money transfers (Western Union, UPT, Zolotaya Korona), card issuance and maintenance, account management, documentary operations, acquiring services, and broker operations.
3. Deposit Interest Spreads: Income from spread between interest paid on deposits and interest earned on loans. Deposits include Progress (up to 10%), Fixed (up to 10.50%), VIP-Rentier (up to 9%), and Digital Deposit.
4. Safe Deposit Box Rental: Monthly rental fees for safe deposit boxes in various sizes. Prices range from 5-30 AZN depending on size and location (Baku/Sumgait vs regions).
5. Gold and Precious Metal Services: Sale of gold bars (5-1000 gram) and unallocated metal accounts. Revenue from spread on gold trading and storage fees.

Pricing tiers

Go-to-market motion2 records

Distribution channels7 records

Marketing channels6 records

Core offering

Xalq Bank is an Azerbaijani commercial bank that provides personal and corporate banking services including payment cards, consumer/mortgage/auto/business loans, deposits (term, savings, digital), money transfers, trade finance, merchant acquiring, salary projects, safe deposit boxes, and gold/investment products. Services are delivered through 31 physical branches, an ATM and payment terminal network, and the XalqOnline digital banking platform accessible via web and mobile.

Product overview

Xalq Bank is an Azerbaijani bank offering a comprehensive suite of banking products and services organized into personal and corporate banking divisions. The personal banking portfolio includes co-branded loyalty cards (XalqKart PETROL and XalqKart CASHBACK with fuel/cashback rewards), premium payment cards (Visa Infinite, Mastercard Black Edition, Visa Platinum), standard debit cards (Visa and Mastercard variants), a virtual Digital Card, and BCR co-branded cards for Baku City Residences. Loan products span consumer loans, mortgages (commercial, internal, and MCGFRA government-supported), salary-linked loans, car loans, renovation loans, credit cards, and deposit-guaranteed loans. Deposit offerings include Progress (with replenishment), Child's Savings (capitalized), Fixed, VIP-Rentier, and Digital Deposit (remote placement via XalqOnline). Money transfer services include UPT (to Turkey), Western Union (global), and Zolotaya Korona (CIS). Online services center on the XalqOnline digital banking platform (internet and mobile), supplemented by E-PIN, E-reference, online loan services, and payment terminals. Other services include current accounts, safe deposit boxes, gold bars, and unallocated metal accounts. The corporate division mirrors these offerings with business-specific cards, business loans, agricultural loans, trade finance (documentary operations, letters of credit), e-commerce, merchant acquiring, QR/link payments, bulk payments, and the Open API service for programmatic integration.

Differentiator

Problem solved

Functional benefit

Brands

• XalqKart: Payment card brand offering cashback and petrol rewards for non-cash transactions
• XalqOnline

Products and services

• XalqKart PETROL Co-branded payment card offering 3% OIL bonuses on all cashless payments redeemable for free fuel at Azpetrol gas stations across Azerbaijan. Free of charge with 3-year term, 7% annual deposit income on AZN balance, and commission-free cash withdrawals. Targeted at retail customers seeking fuel rewards.
• XalqKart CASHBACK Payment card offering 2% cashback on all cashless payments and up to 40% cashback at partner merchants across retail, F&B, healthcare, and other sectors. Available in two colors, with monthly cashback crediting and per-category caps. Targeted at retail customers seeking everyday spending rewards.
• Visa Infinite Premium exclusive Visa payment card with combined global privileges, Apple Pay and Google Pay support, and international concierge-style benefits. Priced at 200/300/400 AZN for 1/2/3-year terms. Targeted at high-net-worth retail customers.
• Mastercard Black Edition Premium Mastercard with unique privileges for frequent travelers and premium service. Priced at 150/250/300 AZN for 1/2/3-year terms. Supports Apple Pay and Google Pay. Targeted at affluent retail and frequent-travel customers.
• Visa Platinum Prestigious Visa payment card symbolizing high status with exclusive services worldwide. Priced at 30/35/40 AZN for 1/2/3-year terms. Supports Apple Pay and Google Pay. Targeted at upper-middle retail customers.
• Digital Card Free virtual debit card activated directly within the XalqOnline app for XalqOnline users, designed for cashless online payments and adding to Google Pay/Apple Pay wallets. 1-year validity with 15,000 AZN annual balance, top-up, and spending caps. Targeted at digitally active retail customers.
• BCR Co-brand Card Visa Infinite Co-branded Visa Infinite payment card issued jointly by Xalq Bank and Baku City Residences exclusively for BCR residents. Priced at 600 AZN with up to 40% partner cashback, 5% cashback, and free domestic Card-to-Card transfers. Targeted at premium residential segment customers.
• BCR Co-brand Card Visa Platinum Co-branded Visa Platinum card issued jointly by Xalq Bank and Baku City Residences for residents. Priced at 100 AZN. Targeted at residential-segment customers seeking premium card features.
• Visa Debit Standard Visa debit card convenient for cashless payments, orderable online with delivery. Targeted at everyday retail customers.
• Mastercard Debit Standard Mastercard debit card for cashless payments, orderable online with delivery. Targeted at everyday retail customers.
• Consumer Loan Personal cash loan for individual needs up to 250,000 AZN with terms up to 59 months and 14-20% annual interest. Collateral requirements vary by amount and term. Targeted at retail borrowers seeking unsecured personal credit.
• Commercial Mortgage Mortgage loan for acquiring office, production, or sales real estate with terms up to 15 years, interest up to 15% p.a., and 30% initial payment. Targeted at business customers acquiring commercial property.
• Internal Mortgage Bank-funded mortgage loan for residential property purchase up to 250,000 AZN with terms up to 22 years, 11-15% annual interest, and 30% initial payment. Targeted at retail customers purchasing residential housing.
• Mortgage Loan MCGFRA State-subsidized mortgage loan via the Mortgage and Credit Guarantee Fund of the Republic of Azerbaijan. Regular terms: up to 25 years, 150,000 AZN at 8%; discounted: up to 30 years, 100,000 AZN at 4%. Applications submitted via e-gov.az with electronic signature. Targeted at retail customers seeking subsidized housing finance.
• Salary + Loan Special loan terms for customers receiving salary on a Xalq Bank card. Cash loan up to 30,000 AZN for 48 months from 13%; credit line up to 20,000 AZN for 12 months from 13%. Targeted at salary-account retail customers.
• Car Loan Auto loan with terms up to 59 months, interest from 14% p.a., and initial payment from 20%. Targeted at retail customers financing vehicle purchases.
• Renovation Loan Loan for home renovation with interest 14-20% per annum. Targeted at retail customers financing residential improvements.
• Credit Card Credit card for current expenses with cash withdrawal within credit limit, up to 50,000 AZN and 14-20% interest, with up to 35-day interest-free period if repaid before the 5th of the following month. Targeted at retail customers seeking revolving credit.
• Deposit Guaranteed Loan Cash loan for Xalq Bank deposit holders using their deposit as collateral, up to 90% of the deposit amount, term up to 48 months, interest rate +2% or +4% above the deposit rate. Targeted at existing deposit customers seeking liquidity against their savings.
• Progress Deposit Replenishable term deposit with 12/24-month terms in AZN/USD/EUR, minimum 100 currency units, up to 10% annual interest, interest paid monthly or at maturity. Replenishment allowed during first 6 months, max 100,000 per transaction. Targeted at retail savers seeking flexible deposits.
• Child's Savings Long-term savings deposit for children with 12-month term and up to 10.25% annual interest. Interest is capitalized and added to the principal until the child turns 18. Unlimited replenishment allowed. Targeted at parents/guardians saving for minors.
• Fixed Deposit Non-replenishable term deposit with 3/6/9/12/18/24-month options and up to 10.50% annual interest. Targeted at retail savers seeking higher fixed yields without replenishment.
• VIP-Rentier Deposit for safe storage of large sums with minimum 100,000 AZN/USD/EUR, up to 9% annual interest paid monthly, replenishment available, and partial withdrawal up to 50,000 AZN/USD/EUR. Targeted at high-net-worth retail savers.
• Digital Deposit Remote deposit placement via XalqOnline without visiting a branch, available in AZN/USD with minimum 100 and maximum 500,000 currency units, 3-24 month terms, in two variants — Term (Fixed) and Top-up. Interest paid monthly or at maturity. Targeted at digitally active retail customers.
• UPT Money Transfer Urgent money transfer service to Turkey via the UPT (Universal Payment Transfer) system, with 14,000 service points in Turkey and one-minute transfer execution in USD. Targeted at retail customers sending remittances to Turkey.
• Western Union Money Transfer International money transfer via Western Union's global network of approximately 370,000 points across 200+ countries, executed in USD within minutes. No bank account required. Targeted at retail customers sending/receiving international remittances.
• Zolotaya Korona Money Transfer Money transfer service for CIS countries via the Zolotaya Korona (CONTACT) system with wide geographic coverage, SMS status notifications, and one-minute transfer speed. Targeted at retail customers sending remittances across CIS countries.
• XalqOnline Internet and Mobile Banking Internet and mobile banking platform for individuals and legal entities providing 24/7 access to domestic/international transfers, utility payments, currency exchange, payroll payments, bulk payments, QR/link payments, and account management. Free connection and use. Targeted at retail and corporate customers seeking self-service digital banking.
• Distance Account Opening Online account opening service via XalqOnline for individuals, legal entities, and individual entrepreneurs, free of charge. Targeted at new and existing customers seeking remote onboarding.
• Online Loan Payment Online service for paying Xalq Bank loans and MCGFRA mortgage loans, free of charge for Xalq Bank loans. Targeted at retail borrowers seeking convenient repayment.
• Payment Terminals Network of third-party payment terminals (eManat, MilliÖn, Korpon, ExpressPay) for card top-ups, loan payments, and current account deposits, with per-transaction fees varying by provider and customer type. Targeted at retail and entrepreneur customers needing cash-channel payments.
• E-PIN Free service for setting a PIN code for new Xalq Bank cards online via webpage or ATM. Targeted at new cardholders.
• E-Reference (Online Job Reference) 24/7 online job reference service issued via e-gov.az that simplifies loan application registration; requires electronic signature or ASAN imza. Targeted at retail borrowers applying for loans.
• Current Account Current account for temporary funds placement and international transfers in AZN/USD/EUR; free opening with no initial deposit or minimum balance. Targeted at retail customers needing transactional accounts.
• Safe Deposit Boxes Secure 24-hour storage for documents and valuables in small, medium, and large box sizes. Monthly rental fees range from 5-30 AZN depending on size and Baku/Sumgait vs regional location. Targeted at retail customers requiring physical custody of valuables.
• Gold Bars Sale of investment gold bars in 5, 10, 20, 50, 100, 250, 500, and 1000-gram sizes with 999.9 purity from European and Russian manufacturers, supplied with quality certificates. Targeted at retail customers seeking physical precious-metal investment. Note: sale temporarily suspended.
• Unallocated Metal Account VAT-free precious metal account for purchasing and storing gold, silver, platinum, and palladium without physical presence, with balances in grams/troy ounces. Minimum 1 XAU/XAG/XPT/XPD to open; free opening and closing. Targeted at retail and corporate customers seeking unallocated metal exposure.
• Visa Business / Mastercard Business / Visa Platinum Business Business payment cards (Visa Business, Mastercard Business, Visa Platinum Business) for corporate expense management. Targeted at legal entities and entrepreneurs.
• Salary Project / Salary Cards Corporate salary project with dedicated salary cards providing affordable and convenient payroll management for entrepreneurs and companies. Targeted at corporate clients managing employee payroll.
• Business Loan Business loan to support business growth with interest from 15% per annum. Targeted at legal entities and entrepreneurs needing working capital or expansion financing.
• Agricultural Loan Favorable loan product for agricultural producers. Targeted at farming businesses and agricultural producers requiring seasonal and investment financing.
• ABDF Loans Loans offered under the ABDF (Agricultural Development Fund) program for business development. Targeted at agricultural businesses participating in the ABDF program.
• Documentary Operations (Letters of Credit and Guarantees) Letters of credit and guarantees for international trade, with a dedicated credit line for documentary letter of credit operations. Targeted at corporate clients engaged in import/export trade.
• Corporate Deposit Deposit service for corporate clients generating income on free corporate funds. Targeted at legal entities managing treasury cash.
• Settlement Accounts and Servicing Settlement account opening and servicing for legal entities and entrepreneurs. Targeted at businesses requiring transactional banking accounts.
• Merchant Acquiring Cashless payment acceptance service for merchants enabling card-based payment receipt. Targeted at retailers, F&B, and service businesses.
• QR Payment Payment acceptance via QR codes for legal entities and entrepreneurs. Targeted at SMB merchants seeking low-cost acceptance.
• Payment by Link Payment-by-link service for entrepreneurs enabling remote customer payments in a more convenient and safer manner. Targeted at SMB entrepreneurs and small merchants.
• Bulk Payments Mass payment service for salary disbursements and other bulk transfers for corporate clients. Targeted at companies with frequent batch payment needs.
• E-commerce Enablement Service helping legal entities transition to online sales with favorable conditions for e-commerce. Targeted at corporate clients seeking to enable online sales channels.
• Trade Platform Digital trade platform for businesses facilitating commercial transactions. Targeted at corporate clients engaged in trade activities.
• Broker Operations Brokerage services for corporate clients. Targeted at corporate customers seeking brokerage execution.
• Open API Service (Açıq APİ) Open API service within XalqOnline enabling business customers to integrate programmatically with Xalq Bank's services. Targeted at corporate clients needing system integration.

Quantifiable outcome

• Up to 10.50% interest on Fixed deposits
• +3 more outcomes

Named customers3 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration13 records

Feature6 records

Partnerships

Nine partnerships are on record, tiered core and minor.

• AzpetrolcoreStrategic or Co-development PartnerFuel station partner for XalqKart PETROL loyalty program. Customers can exchange accumulated OIL bonuses for free fuel at Azpetrol gas stations across Azerbaijan.
• Baku City ResidencescoreStrategic or Co-development PartnerCo-branding partner for exclusive Visa Infinite and Visa Platinum cards. Offers up to 40% cashback from partners and free domestic Card to Card transfers for Baku City Residences residents.
• Western UnioncoreTechnology or IntegrationInternational money transfer service with ~370,000 points in 200+ countries. Xalq Bank offers Western Union transfers in USD with competitive rates and fast execution.
• Zolotaya Korona (CONTACT System)coreTechnology or IntegrationMoney transfer service for CIS countries. Offers wide geographical coverage, fast transfers (1 minute), and SMS notifications for transfer status.
• UPT (Universal Payment Transfer)coreTechnology or IntegrationUrgent money transfer service to Turkey. UPT network includes 14,000 service points in Turkey. Transfers in USD with fast execution.
• Xalq SığortaminorGTM or Marketing PartnerInsurance company under the Xalq financial group. Linked as 'Useful link' on website for insurance services.
• Xalq HəyatminorGTM or Marketing PartnerLife insurance company under the Xalq financial group. Linked as 'Useful link' for life insurance services.
• Xalq KapitalminorGTM or Marketing PartnerInvestment/finance company under the Xalq financial group. Linked as 'Useful link' for investment services.
• Over 100 Merchant PartnerscoreGTM or Marketing PartnerCashback and rewards partners including restaurants, retail stores, healthcare clinics, hotels, educational centers, automotive services, and more across Azerbaijan regions.

Scale indicators3 records

Recent moves6 records

Expansion highlights6 records

Broad incumbents

• Halyk Bank: Largest universal bank in Kazakhstan and a CIS/Central Asian incumbent; provides scale and product-mix benchmark relevant to Xalq Bank's full-service retail and corporate strategy.

Regional players

• Bank of Georgia: Georgia's flagship bank offering full retail and corporate products; relevant regional comparable for Xalq Bank's full-service model in a comparable Caucasus/Eastern European banking market.
• TBC Bank: Leading Georgian universal bank with significant retail and SME digital franchise; useful regional comparable for Xalq Bank's digital-first retail strategy and consumer lending economics in a similar Caucasus market.

Direct peers

• Bank of Baku: Azerbaijani commercial bank with overlapping retail and corporate products including cards, deposits, consumer loans, and money transfer services in the same domestic market as Xalq Bank.
• Kapital Bank: Azerbaijan's largest retail and corporate bank; competes directly with Xalq Bank across deposits, lending, cards, and digital channels in the same geography. Most relevant local peer given market share and product breadth overlap.
• Pasha Bank: Major Azerbaijani universal bank with strong corporate and investment banking franchise; competes with Xalq Bank for corporate deposits, business loans, trade finance, and increasingly for affluent retail customers.
• Yelo Bank: Azerbaijani digital-first challenger bank targeting retail and SME customers with a mobile-led product suite; competes most directly with Xalq Bank's XalqOnline positioning and digital-deposit offering.
• AccessBank: Azerbaijan's leading microfinance and SME-focused bank; competes with Xalq Bank's small business lending, agricultural loans, and SME card/payment products, particularly outside Baku.
• Unibank: Mid-sized Azerbaijani commercial bank offering retail deposits, consumer loans, mortgages, cards, and money transfers — directly comparable product mix and customer base to Xalq Bank within Azerbaijan.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/xalqbank
• LinkedInlinkedin.com/company/xalqbank

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Subsidiaries3 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Xalq Bank