AFM Team Reveals: Most Armenian Banks Failed to Update Tariffs a Month After 2% Cashback Program Launch

One month after the launch of the 2% cashback program, the majority of Armenian banks have not published updated tariffs on their official websites. This was revealed by monitoring conducted by the AFM team.

As of now, updated tariff documents have been posted only by:

1. Inecobank
2. Byblos Bank Armenia

Other banks are either continuing to use previous tariff schedules or have failed to reflect changes related to the cashback program in publicly available documents.

The program refers to a non-cash payment incentive initiative that provides up to 2% cashback on ArCa card-based payments for goods and services. The initiative is coordinated by the Central Bank of Armenia and aims to reduce cash transactions, improve payment transparency, and promote the development of a cashless economy.

The absence of updated tariffs makes it difficult for customers to assess actual service conditions and accurately compare fees for non-cash transactions under the new program.

AFM continues to monitor the official websites of banks and will update the information as new tariffs are published.