Over ten Armenian banks participating in 10% cashback programme for  pensioners

ArmInfo. Armenia's Ministry of and Social Affairs has released a list of banks participating in a 10%  cashback programme for pensioners. 

By decision of the Cabinet of Ministers dated May 19, 2022, a program  for the return of pensions and benefits for non-cash transactions was  launched in Armenia on July 1. Beneficiaries of the program making  transactions with payment cards and payment devices at retail outlets  and service providers operating in Armenia are reimbursed 10% until  the 25th of the next month, but not more than 5,000 drams. The refund  also applies to utility bills. The mechanism applies not only to  ATMs, but also to utility payments through the bank's electronic  (mobile banking) application. At the time of the decision, it was  envisaged that the program would operate in pilot mode until December  31, 2022. However, then the Armenian government extended the program  several times.

At the end of 2023, Prime Minister Nikol Pashinyan expressed  bewilderment that a number of banks did not want to join the program.  By that time, VTB Bank Armenia, Ardshinbank, ACBA Bank and  ArmBusinessBank, Armeconombank and Unibank became participants in the  program (cashback is paid equally by the state and banks). "But this  is a separate topic and we will return to it separately," he pointed  out. The Prime Minister thanked the credit institutions participating  in the program, saying that starting next year the state budget will  fully cover these expenses. As a result, beneficiaries of the program  will not have to "emigrate" from bank to bank to become a participant  in the program, he noted. <At this stage, out of more than 500  thousand pensioners, only about 165 thousand use cashback for  non-cash purchases. The majority do not participate in the program  for some reason," Pashinyan complained.

According to the Ministry of Labor and Social Issues, from March 30,  cardholders of the following 11 banks can use the program: Akba Bank  OJSC, AMIO Bank CJSC, ID Bank CJSC, Araratbank CJSC, Ardshinbank  CJSC, Artsakh Bank CJSC , Evokabank CJSC, Inekobank CJSC, Converse  Bank CJSC, Armeconombank CJSC, Unibank CJSC.

<If you are not a cardholder of any of the banks mentioned and want  to take advantage of the cashback program, then hurry up to change  the organization paying you your pension or benefit.

You can apply to change the bank online, through the website  socservice.am (<Online applications>), or contact any regional center  of the Unified Social Service>, the department said in a statement.