NBU warned, Revolut responded: the National Bank was informed about plans in Ukraine
28 February 2025 10:56
Revolut prioritizes compliance with local regulatory requirements and has conducted a thorough assessment before providing services to Ukrainian residents on a cross-border basis. This is stated in Revolut’s commentary to dev.ua, according to
As noted, Revolut currently provides services to Ukrainian customers through Revolut Bank UAB, based in Lithuania and supervised by the European Central Bank and the Bank of Lithuania.
The company emphasized that it only offers accounts in the EU and has no plans to open Ukrainian accounts without additional authorization.
“Revolut already provides services to hundreds of thousands of Ukrainian customers in the European Union and beyond. We offer instant, commission-free payments between Revolut users, connecting Ukrainian families around the world,” Revolut said in a statement.
They also said that they had previously informed the Ukrainian regulator about their plans in Ukraine and would seek to obtain a Ukrainian banking license in the future, working closely with the NBU to offer Ukrainians even more innovative financial services.
As you know, the day before, the National Bank emphasized the need to license Revolut’s activities in the Ukrainian market.
According to the Law of Ukraine “On Banks and Banking Activities”, the only permissible forms of banking activities in Ukraine, as the NBU reminded, are the establishment of a branch of a foreign bank or obtaining a banking license in Ukraine. Either of these forms requires a permit from the National Bank of Ukraine. When reviewing an application for a branch or license, the NBU conducts a comprehensive assessment of the founder’s business reputation, financial condition and proposed business model.
The issue of starting a foreign player’s activity in the Ukrainian banking market is also subject to consultations with the banking supervisory authority of the country of origin of such an entity.
The NBU stated that Revolut Bank UAB has not received any licenses or permits from the National Bank of Ukraine, has not submitted any relevant applications and is not undergoing the licensing procedure.
The National Bank of Ukraine emphasized that it will act within the prudential mandate established by law and will take all necessary measures to ensure the stability of the banking system of Ukraine, respond to violations of the law to protect the interests of depositors and customers of banks.
What is known about Revolut and its operations in Ukraine?
Revolut is a British digital bank founded in 2015 by Vlad Yatsenko and Mykola Storonsky. It operates without physical branches, providing customers with a full range of financial services through a mobile application.
British neobank Revolut announced the launch of its operations in the Ukrainian market in mid-February.
As reported by
– Instant free transfers between users of the app.
– Opening European accounts in a few clicks.
– Use of identification through Diia, which increases the level of security.
The company has also launched a special Clear Sky debit card, which can be obtained by making a charitable contribution.
