Money services at home: how the draft law on inclusive banks may affect pensioners
21 March 2025 22:06
The creation of financial inclusion banks that will operate on the basis of the existing network of Ukrposhta or other operators, as well as have the right to provide banking services outside of such branches, may pose a danger to pensioners and people with limited mobility. After all, if such financial institutions appear in Ukraine, it will be easier for fraudsters to misappropriate funds from their clients, "Komersant Ukrainian" reports, citing a post on the Telegram channel of MP Nina Yuzhanina.
“It will be easier for financial fraudsters to steal money from pensioners and people with disabilities. And this is not about the delivery and payment of pensions or social assistance. We are talking about the possibility of accepting money from people at home to pay for housing and communal services and funds for deposit. Can you imagine how this will happen at the home of a pensioner or a person with limited mobility?” – yuzhanina wrote.
The parliamentarian even gave an example from real life.
“Under the guise of an employee of a bank (the same Ukrposhta), a fraudster will come to my grandmother, telling her about some deposits, shares, interest, promising big earnings and leaving with the money, and my grandmother will be left with nothing,” explained Yuzhanina.
The MP believes that the idea of inclusive banks will be used by financial scammers after it is implemented in everyday life. In this case, collectors and telephone scammers who profit from gullible Ukrainians will be joined by another, new threat.
“This draft law should not be adopted. Under the slogans of ‘banking inclusion’, the authorities are bringing back the ‘gangster’ 90s,” the MP summarized.
Read also: Second attempt. MPs recommended the creation of financial inclusion banks
What you need to know about financial inclusion banks
The authors of the draft law No. 13018-d propose to create this type of financial institution:
- Danylo Hetmantsev;
- Oleksandr Kovalchuk;
- Oleksandr Sova;
- Borys Prykhodko;
- Anna Kolisnyk;
- Oleksandr Gerega.
The MPs claim that the main purpose of the document is to create a legal framework for the emergence of a new type of financial services provider in the Ukrainian financial services market – financial inclusion banks, whose purpose will be to ensure proper access to financial services for both Ukrainian citizens (including socially vulnerable groups) and microenterprises in areas close to the combat zone, in the liberated territories, as well as in hard-to-reach and sparsely populated areas.
In addition, according to the initiators, the document was developed in pursuance of paragraph 64 of the Memorandum of Economic and Financial Policies with the International Monetary Fund dated 11.12.2024, which provides for the preparation of a legislative proposal for a specialized and limited banking license aimed at quickly addressing the growing challenges of financial inclusion using existing infrastructure.
Key provisions of the draft law
- financial inclusion banks are allowed to provide a certain list of services under a simplified procedure;
- they will operate in regions with low access to banking services;
- employees of such banks will be able to serve clients outside of stationary branches;
- the goal is to simplify access to financial instruments for pensioners, people with disabilities, and rural residents.
Why the MPs’ legislative initiative was criticized
Criticism of the initiative arose almost immediately after the draft was published. The main risk, according to experts, is that such a system creates additional opportunities for financial fraud. After all, outside of banking institutions or post offices, it is difficult to verify the authenticity of a person who claims to be a bank employee.
The most vulnerable in such a scheme are the elderly and people with limited mobility, who, due to physical or age limitations, may not be able to verify documents or adequately evaluate the offer.
Nevertheless, the draft law has already been approved by the Verkhovna Rada Committee on Finance, Taxation and Customs Policy, and is expected to be put to a vote in the session hall in the near future.
Establishment of financial inclusion banks: Ukrposhta’s position
Ukrposhta’s position on this issue is positive. The state-owned company supports the adoption of the draft law, arguing that it has a wide network of branches and logistics to serve the population. “Ukrposhta wants to turn its outlets into financial micro-centers that will complement the banking network.
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