BAKU, Azerbaijan, October 4. By the end of August 2025, the tally of transactions made with American Express cards from local financial institutions in Azerbaijan hit 5,800, racking up a total volume of 700,000 manat ($411,546).
Data obtained by Trend from the Central Bank of Azerbaijan (CBA) indicates that the number of transactions with resident-issued American Express cards fell by 943,100, a decline of 99.4 percent, while the total transaction volume dropped by 24.1 million manat ($14.1 million), or 97.2 percent, compared to the same period last year.
Meanwhile, American Express cards issued by non-resident financial institutions accounted for 800 transactions, totaling 1.5 million manat ($881,887). In this category, transaction numbers increased by 100, or 14.3 percent, and transaction volumes rose by 400,000 manat ($235,170), or 36.4 percent, compared to the same period last year.
The CBA noted that transactions with cards issued by resident financial institutions reflect the total volume and number of transactions carried out with payment cards issued by domestic banks and financial institutions operating in Azerbaijan. Transactions with non-resident-issued cards represent the total number and volume of payments made in Azerbaijan using cards issued by foreign banks and financial institutions to individuals residing abroad.
The initial recorded transactions involving the American Express card within the Azerbaijani market are linked to the strategic alliance established between the International Bank of Azerbaijan (IBA) and American Express, which commenced in early 2019. However, the precise date of the inaugural transaction remains indeterminate based on the available data. The collaboration was underscored by an initiative in January 2019 wherein IBA extended complimentary American Express Green cards, signifying that the financial institution had been providing Amex services both antecedent to and throughout that period.
