NBU warns: financial rights of Ukrainian customers of Revolut are not protected
27 February 2025 14:21
Revolut Bank UAB has not received any licenses or permits from the National Bank of Ukraine, has not submitted relevant applications and is not undergoing the licensing procedure. This was reported by the NBU, according to
The National Bank emphasized the need to license Revolut’s activities in the Ukrainian market.
This statement was made by the National Bank of Ukraine in view of the official announcement of Revolut on its entry into the Ukrainian banking market and based on the results of the analysis of its activities in providing services to residents of Ukraine through Revolut Bank UAB.
What is the NBU’s position and reasoning?
According to the NBU, Revolut Bank UAB is a foreign bank registered in Lithuania that provides financial services under a license that allows it to operate in the European Union.
According to the Law of Ukraine “On Banks and Banking Activities”, the only permissible forms of banking activities in Ukraine 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 standing 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 NBU also drew the attention of Ukrainian citizens to the fact that the norms of the legislation on the protection of the rights of consumers of financial services and the deposit guarantee system do not apply to Revolut’s clients.
The National Bank noted that it supports open competition and the development of financial technologies, but considers it appropriate to emphasize that all market participants must act within the legal and regulatory requirements.
Given this position and within the powers granted by law, the National Bank of Ukraine emphasizes that it will act within the prudential mandate established by law and 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 the launch of Revolut in Ukraine
British neobank Revolut announced the launch of its operations in the Ukrainian market in mid-February.
According to
– 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.
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.
