Business thanks the NBU for issuing licenses to non-banking financial institutions

01/ 05/ 2023

Listen to online Stop   The European Business Association thanks the National Bank of Ukraine for its professionalism and timely issuance of licenses to transparent businesses and non-bank financial institutions to transfer funds in national currency and for including companies in the Payment Infrastructure Register. As of May 1, we can confirm that businesses have received the appropriate licenses.  Moreover, the Association fully supports the position of the National Bank. After all, only companies that comply with the legislation of Ukraine should operate in the market. A transparent, reliable, and solvent market for payment services is what our country strives for, and we as an Association are doing everything in our power to contribute and continue to contribute to achieving this goal. Furthermore, according to published information, 19 companies have already received licenses. It means that these requirements can be met not only by large businesses. Thanks to the effective work of the regulator, the market, payment infrastructure, and the entire banking system will continue to develop in the future, noted Anna Derevyanko, Executive Director of the European Business Association. Currently, 94% of money transfers within Ukraine in 2022 were made using non-bank transfer systems. The issuance of licenses is an essential step to preserve the ability to make payments using the services of non-bank financial institutions. It is also crucial to maintain cashless transactions.  In Ukraine, there is a trend toward giving users of payment services an advantage in online settlements. In particular, in the second half of 2022, the payment of goods and services online continued to grow and, by the end of the year, accounted for more than a quarter of the total number of transactions and almost a fifth of the total amount. Thanks to the well-considered actions of the regulator and the coordinated work of the team of specialists of the National Bank of Ukraine, businesses in various fields are ensured uninterrupted access to accept payments for services rendered and goods sold online. It should be reminded that companies are entitled to engage in financial payment services only after obtaining a license and being included in the Registry of Payment Infrastructure.

The European Business Association thanks the National Bank of Ukraine for its professionalism and timely issuance of licenses to transparent businesses and non-bank financial institutions to transfer funds in national currency and for including companies in the Payment Infrastructure Register. As of May 1, we can confirm that businesses have received the appropriate licenses. 

“Moreover, the Association fully supports the position of the National Bank. After all, only companies that comply with the legislation of Ukraine should operate in the market. A transparent, reliable, and solvent market for payment services is what our country strives for, and we as an Association are doing everything in our power to contribute and continue to contribute to achieving this goal. Furthermore, according to published information, 19 companies have already received licenses. It means that these requirements can be met not only by large businesses. Thanks to the effective work of the regulator, the market, payment infrastructure, and the entire banking system will continue to develop in the future,” noted Anna Derevyanko, Executive Director of the European Business Association.

Currently, 94% of money transfers within Ukraine in 2022 were made using non-bank transfer systems. The issuance of licenses is an essential step to preserve the ability to make payments using the services of non-bank financial institutions. It is also crucial to maintain cashless transactions. 

In Ukraine, there is a trend toward giving users of payment services an advantage in online settlements. In particular, in the second half of 2022, the payment of goods and services online continued to grow and, by the end of the year, accounted for more than a quarter of the total number of transactions and almost a fifth of the total amount. Thanks to the well-considered actions of the regulator and the coordinated work of the team of specialists of the National Bank of Ukraine, businesses in various fields are ensured uninterrupted access to accept payments for services rendered and goods sold online.

It should be reminded that companies are entitled to engage in financial payment services only after obtaining a license and being included in the Registry of Payment Infrastructure.