Rada allows creation of "postal bank" based on Ukrposhta

The Verkhovna Rada has supported in the 2nd reading and as a whole the creation of a "postal-bank" based on Ukrposhta.

Verkhovna Rada member Yaroslav Zhelezniak (Holos) announced this on his Telegram channel, the Ukrainian News agency reports.

The parliament voted for bill N13018-d on amendments to certain legislative acts of Ukraine regarding the development of financial inclusion in Ukraine as a whole.

The bill provides for:

1) to introduce a new type of bank - a financial inclusion bank, which will operate on the basis of a limited banking license, the main task of whose activities is to determine the service of clients who currently do not have sustainable access to financial services (citizens of Ukraine and micro-enterprises in areas close to the combat zone, in liberated territories, as well as socially vulnerable groups of the population);

2) define at the legislative level the terms "financial inclusion", "limited banking license", "financial inclusion bank", and also empower the National Bank of Ukraine with the authority to promote the development of financial inclusion;

3) provide that a financial inclusion bank will be able to provide banking and other financial services exclusively to individuals, business entities, public and charitable organizations, the volume of annual income from any activity of which for the previous reporting calendar year does not exceed the amount equivalent to EUR 5 million, determined at the official exchange rate of the hryvnia against foreign currencies established by the National Bank of Ukraine, as well as to state authorities and local self-government bodies;

4) to ensure a focus on relevant target groups of clients, limit financial inclusion banks in conducting operations on capital markets, and also establish restrictions on the total amount of credit funds that can be provided to one borrower and others.

The main purpose of the bill is to create a legal framework for the emergence of a new type of financial service provider on the Ukrainian financial services market – financial inclusion banks.

As the Ukrainian News agency earlier reported, in September 2024, Ukrposhta announced that it plans to obtain a limited banking license.

The MPs propose that the Verkhovna Rada allow the creation of financial inclusion banks with limited licenses.

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