“Ukrposhta lost more than a billion: NBU advises to forget about own bank
8 August 2025 18:19
The situation around Ukrposhta’s plans to create a financial inclusion bank is gaining momentum. The National Bank of Ukraine has officially addressed Prime Minister Yulia Svyrydenko with a warning: in its current financial condition, the state-owned enterprise has neither the resources nor the prospects for the successful launch of a full-fledged banking institution, "Komersant Ukrainian" reports, citing Forbes.
As of July 1, 2025, the national postal operator has already incurred UAH 1.4 billion in losses, which is UAH 530 million more than at the beginning of the year. Ukrposhta’s equity has also become negative and amounts to minus UAH 661.5 million. The document provided by the NBU at the request of journalists indicates that the company is unable to generate the necessary capital from its own operating activities, which creates fiscal risks for the state.
The problem is much deeper than just financial losses. The NBU believes that if Ukrposhta does not abandon its plans to launch the bank, the state will be forced to recapitalize the company in the amount of about UAH 820 million. And this is only to maintain stable operations, not to develop or expand functionality. In a time of war and budget deficit, such expenses may become unjustified.
The national financial regulator paid special attention to the legal aspect of Ukrposhta’s activities. In February 2024, the company was fined UAH 17.4 million for violating financial monitoring requirements. Now, the NBU does not rule out the possibility of not only revoking the banking license, but also revoking the current payment license obtained in 2023.
It is worth noting that the idea of creating a bank on the basis of Ukrposhta has been actively promoted by the government over the past few years. The draft law on financial inclusion banks was supported by some members of the parliamentary majority, including Danylo Hetmantsev and Oleksandr Gerega. However, the initiative immediately faced criticism from the opposition, the expert community, and the National Bank. The main criticisms were the risks of abuse, weak supervision, and the lack of market justification for the emergence of a new player.
In today’s environment, when commercial banks already offer a wide range of digital financial services and the population is actively using mobile applications, the feasibility of another bank – even with a social focus – is controversial.
“Ukrposhta remains one of the largest state-owned employers, and its infrastructure does indeed cover almost the entire territory of the country. But this does not mean that it is ready to act as a financial intermediary. This is exactly what the NBU insists on, demanding that the company’s business strategy be revised to take into account the existing challenges and limitations.
Against this background, the future of Ukrposhta’s banking project remains uncertain. The government is in no hurry to make a final decision, but the NBU’s position is clear: under the current conditions, the launch of a new state-owned bank looks financially unjustified and risky for the state budget.
How the National Bank of Ukraine previously supported the idea of creating a financial inclusion bank
It should be noted that in early June 2025, the NBU’s official Telegram channel posted a message stating that the national financial regulator supported Ukrposhta’s idea to create a newly formed bank.
“The Verkhovna Rada of Ukraine adopted the relevant draft law No. 13018-d in the second reading, and we sincerely welcome this decision,” the NBU said in a statement.
NBU Governor Andriy Pyshny said the following:
“We are grateful to the Verkhovna Rada of Ukraine and the Committee on Finance, Taxation and Customs Policy for supporting the changes that the financial sector needs. Together with the participants, we are ready to move forward and create the most inclusive financial system. We are looking forward to the document’s entry into force.
In the same post, the press service of the financial regulator explained to Ukrainians what a “financial inclusion bank” is and why its creation should be supported.
In particular, the NBU emphasized that a limited banking license would open up synergy opportunities for large retail companies, postal operators, and other businesses with “last mile” competencies specializing in serving a large number of customers.
The NBU emphasized that the financial inclusion bank will provide better access to financial services for all categories of the population and small businesses in remote, sparsely populated areas, in areas close to hostilities, and in the de-occupied territories.
In addition, the creation of such a financial authority will be a systemic solution for the economic development of the regions in which it will operate, as it creates opportunities for synergy between the financial services market and the non-banking business that is already developed in such regions. This will stimulate competition in the financial market. Thus, thanks to the BFI, we will be able to achieve the goals of gradual reintegration of the affected regions into the economic life of the country.
Financial Inclusion Bank: what you need to know about it
This is a new type of financial institution that requires a limited banking license and will provide banking, payment and other financial services, including cash withdrawals, foreign exchange transactions, payments, savings and loans. The focus of such a bank will be on servicing individuals, small and micro businesses (individual entrepreneurs, enterprises and communities). BFIs will not serve large legal entities.
Both an operating bank (for this purpose, it is necessary to reissue an existing banking license for a limited banking license) and a newly established legal entity can become a financial inclusion bank.
All prudential requirements will remain in place for a financial inclusion bank: no relaxation of share capital, liquidity, corporate governance, risk management system, or internal control system.
Read also: A postal bank will be established in Ukraine. But will the IMF like it?
What the Law on the Development of Financial Inclusion in Ukraine says
The first attempt to launch this format of banks took place in December 2023, but the draft law No. 12044 did not receive the support of parliamentarians.
However, the document No. 13018-d was adopted by the Verkhovna Rada by a majority vote on June 3, 2025.
Its purpose is to lay the legislative groundwork for launching a new format of financial institutions: financial inclusion banks that will operate under a simplified banking license.
These banks should serve those segments of the population that are currently excluded from the financial system: residents of frontline territories, de-occupied regions, socially vulnerable groups, and microenterprises. Restrictions for such banks relate to both the amount of client income (no more than EUR 5 million per year) and their activities: capital market operations will be prohibited and lending will be limited.
The new law also establishes the terms “financial inclusion”, “limited banking license” and “financial inclusion bank” in the Ukrainian legal framework, and gives the NBU the right to regulate this area.
The introduction of this law also clears the way for the creation of a postal bank, an idea promoted by Ukrposhta CEO Ihor Smelyansky.
As previously stated by the then Prime Minister Denys Shmyhal, the new financial institution will significantly simplify access to social and financial services, from receiving pensions and subsidies to purchasing medicines or goods. In the long run, it will also allow for a wider presence of financial services in remote locations.
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