Financial Inclusion Banks Will Be Able to Open Accounts Through Commercial Agents: NBU Proposes New Rules
The National Bank has put forward for public discussion a draft amendment to the Instruction on the procedure for opening and closing accounts for users by payment service providers. The changes are intended to bring the current rules in line with the legislation on the development of financial inclusion.
Why the rules are proposed to be changed
The National Bank of Ukraine proposes to amend the procedure for opening and closing accounts for users by payment service providers servicing accounts.
The need to update the document is related to taking into account the requirements of the Law of Ukraine "On Amendments to Certain Legislative Acts of Ukraine Regarding the Development of Financial Inclusion in Ukraine."
The relevant provisions are contained in the draft resolution of the Board of the National Bank of Ukraine "On Amendments to the Instruction on the Procedure for Opening and Closing Accounts for Users by Payment Service Providers Servicing Accounts," which has been proposed for public discussion.
What changes does the NBU propose
The draft resolution provides that a financial inclusion bank will be able to engage a commercial agent based on a relevant agreement.
Such an agent will have the right, on behalf of the bank, to consult clients, offer banking services, as well as prepare and conclude agreements for bank accounts, bank deposits, or escrow accounts.
At the same time, the agreement between the financial inclusion bank and the commercial agent must contain requirements for the agent regarding the provision of consulting, offering, preparation, and conclusion of the specified agreements on behalf of the bank.
Who financial inclusion banks will be able to open accounts for
The document also proposes to establish a provision according to which a financial inclusion bank will have the right to open current, deposit (savings) accounts, and escrow accounts for persons defined by Article 8¹ of the Law of Ukraine "On Banks and Banking Activity."
When the changes will come into force
The draft resolution provides that control over its implementation will be assigned to the Deputy Head of the National Bank of Ukraine, Oleksii Shaban.
If adopted, the resolution will come into force on the day following its official publication.
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