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Ukrposhta to offer money transfer and to participate in payment systems – National Bank

Source : 112 Ukraine

The National Bank of Ukraine has allowed nationwide providers of postal service to offer financial services of money transfer and to participate in nationwide and international payment systems
13:02, 27 December 2017

Ukrainian Post
Фото из открытых источников

Ukrposhta will be able to do so, provided that it manages to obtain a license for money transfers in UAH without the obligation to open accounts, Interfax-Ukraine reports.

According to the resolution of the National Bank #138 from 21 December which came into force on Wednesday, nationwide providers of postal services need to meet the requirements concerning the procedure of granting non-banking financial institutions a license to transfer money without the obligation to open an account, with a few exceptions.

The document also states that the National Bank of Ukraine will retain its right to cancel such license in case the company loses its status of a nationwide postal service provider.

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Ukrposhta’s director of the Financial Services Department, Artur Muravitsky, has greeted the NBU’s decision, remarking that it will help the company to develop its financial services further and to make them more affordable for customers.

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Ukrposhta aims to receive a right to operate customers’ funds on the basis of a restricted banking license, particularly by opening accounts for them. However, the National Bank does not approve this, while pointing at the market which is dominated by four large state-owned banks. Their cumulative market share after the Privatbank’s privatization, exceeds 50%.

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