The NBU adopted a number of decisions to start the activity of the financial inclusion bank
The National Bank of Ukraine announced that it has adopted amendments to a number of regulatory legal acts regarding key issues of regulation and supervision of the activities of a new type of financial institution – the financial inclusion bank (FIB). This was reported by the NBU.
“The purpose of the FIB is to expand access to quality and safe financial services in areas with special conditions, including frontline and de-occupied territories, where due to security risks there are no bank branches and remote banking channels do not fully operate due to communication disruptions,” the regulator stated.
The approved package of amendments to the National Bank's regulatory legal acts regulates:
- the procedure for granting a limited banking license to a newly established FIB and reissuing the banking license of an existing bank to a limited FIB license;
- requirements for the development and annual review by the FIB board of the strategy and business plan, as well as the content of these and other internal documents, including consideration of the specifics of providing services outside the FIB premises (branches);
- the procedure for involving commercial agents to provide financial payment services;
- requirements for integrating operational specifics into the internal control and risk management systems of the FIB;
- non-application to the FIB of requirements for newly established and specialized banks, etc.
These amendments, after discussion with the market in the prescribed manner and after legal expertise, were introduced into:
- Instructions on the procedure for regulating the activities of banks in Ukraine;
- Regulations on the organization of risk management systems in banks of Ukraine and banking groups;
- Regulations on the organization of internal control systems in banks of Ukraine and banking groups;
- Regulations on bank licensing;
- Regulations on the application of measures by the National Bank of Ukraine;
- Regulations on the organization and conduct of inspection audits;
- Regulations on the involvement of commercial agents to provide financial payment services.
“We are launching an unprecedented initiative. The financial inclusion bank is intended to solve the issue of full access for the population, including socially vulnerable groups, and small businesses to financial services in remote sparsely populated areas close to military actions and in liberated territories,” explained the head of the NBU, Andriy Pyshnyi. “This is a matter of survival for these regions in difficult realities and an important component of the deep transformation of the financial sector that we started in 2024, aiming to build the most inclusive financial system in the world.”
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