Financial inclusion: the first bank based on Ukrposhta will appear in Ukraine
3 June 17:10
The Verkhovna Rada Committee on Finance, Taxation, and Customs Policy has approved for the second reading draft law No. 13018-d, a key initiative that paves the way for the creation of the first financial inclusion bank in Ukraine. This was announced on June 3 by the chairman of the relevant committee, Danylo Hetmantsev, on his Telegram channel, "Komersant Ukrainian" reports.
It is about the transformation of Ukrposhta into a full-fledged provider of basic banking services for citizens and microbusinesses in hard-to-reach and frontline regions.
“The Committee supported the revised draft law on amendments to certain legislative acts of Ukraine on the development of financial inclusion in Ukraine in the second reading,” Hetmantsev wrote.
What is a financial inclusion bank?
This is a new type of banking institution that operates under a limited license and focuses exclusively on servicing individuals, small businesses, public and charitable organizations whose income does not exceed EUR 5 million per year. Their main task is to provide basic financial services to those who currently have limited access to the banking infrastructure.
Financial inclusion is not just a new buzzword, but a concrete tool for building social equality. In the context of a full-scale war and deep regional disparities, the ability to open accounts, receive pensions, make transfers, pay for utilities and other basic transactions becomes a matter of survival. It is not just about convenience, but about stability for millions of Ukrainians. This is especially important for IDPs, people with disabilities, and residents of de-occupied communities who have lost access to the usual financial services.
The draft law also introduces definitions of the following terms into the legal framework:
- financial inclusion,
- limited banking license,
- financial inclusion bank.
and expands the NBU’s powers to promote the development of financial inclusion. The NBU is expected to have a full mandate to coordinate, license and supervise such institutions.
What role does Ukrposhta play?
The state-owned company has long announced its intention to enter the banking market. Thanks to the government’s decision to transfer 88.9% of the shares of the confiscated PINbank to Ukrposhta, the creation of a new bank is a matter of the near future. With more than 6,000 branches and 25,000 points of presence across the country, Ukrposhta will be able to provide financial services to rural areas where traditional banks have limited or no presence.
This means that the new bank will be able to become the only financial institution in villages, remote areas, and the frontline zone. Ukrposhta has a ready-made infrastructure, qualified staff and trust among the local population. This significantly reduces the cost of entering the market and allows the bank to be launched in a short time. The process is likely to start in the second half of 2025 after the legislative regulation.
Read also: A postal bank will be established in Ukraine. But will the IMF like it?
For whom it is important
The new format of the bank will become a financial support for:
- people with disabilities
- pensioners
- recipients of social benefits;
- military personnel
- residents of the frontline and de-occupied territories;
- micro-entrepreneurs operating in conditions of limited access to capital.
It is expected that a significant part of the clients of the financial inclusion bank will be those Ukrainians who were previously excluded from the banking system. These are people without smartphones, bank cards, or access to online services. Thanks to Ukrposhta Bank, these barriers will be overcome.
What such a bank will not be able to do
To avoid financial risks, financial inclusion banks will not be allowed to provide large loans to a single borrower, enter the capital markets, or conduct complex foreign exchange transactions. Their activities will be focused on simple, vital services.
What’s in store for the future
After the final adoption of the draft law, the National Bank is expected to develop the regulatory framework, adopt bylaws, and launch the first financial inclusion bank based on Ukrposhta. If the model proves to be effective, other state-owned or municipal enterprises may follow suit. This will revolutionize banking services for Ukrainian communities.
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