Introduction of New Inclusive Financial Banks in Ukraine
Ukraine will introduce a new type of inclusive financial banks aimed at providing financial services to citizens who lack access to banking services. President Volodymyr Zelensky signed Law No. 4465-IX 'On Amendments to Certain Legislative Acts of Ukraine on the Development of Financial Inclusion in Ukraine'. This law defines special conditions for obtaining a limited banking license.
Functioning of Inclusive Financial Banks
Inclusive financial banks will operate based on a limited banking license and will be able to provide their services to:
- individuals
- businesses
- public and charitable organizations
- state bodies and local self-government bodies
Current banks, postal operators, large retail chains, gas station networks, and other companies that already have experience servicing a significant number of clients and have an extensive customer service network may be interested in obtaining a limited banking license, noted Danilo Hetmantsev.
The introduction of inclusive financial banks will be an important step towards ensuring access to financial services for those who previously did not have such opportunities. This law aims to expand the customer base of banking institutions and promote the development of Ukraine's financial system.
The introduction of inclusive financial banks may significantly change the landscape of financial services in Ukraine, given that a large part of the population still faces difficulties in accessing traditional banking services. Moreover, new banks with limited licenses can stimulate competition in the market and contribute to innovations in the financial sector, which will positively impact the economic development of the country.