NBU against the granting of “Ukrposhta” banking services

The national Bank of Ukraine opposed passing bills No. 2788-d and No. 2788, allowing “Ukrpochta” to provide banking services.

НБУ против предоставления «Укрпочтой» банковских услуг

As the Wave passes, this reports the press service of the regulator.

The national Bank notes that the role of the state in the banking sector should decrease, not increase.

“It is illogical. The role of the state in the banking sector should decrease, not increase. The reduced role of the state will promote competition, and thus improving the quality of financial services”, — stated in the message.

The NBU also reports that the state share in the banking sector is 55%, but the regulator jointly with the government plans, by 2025, to reduce it to 25% thanks to partial privatization of state-owned banks.

It is noted that the extension of the status of “Ukrposhta” will be a step to increase the state monopoly in the financial sector.

In addition, the national Bank emphasize that the “Ukrposhta” will be in a privileged position compared to banks, because it will receive all of the benefits and opportunities of banking activities, however, any responsibility will not.

“Postal operator does not need to obtain a banking license, it is not necessary to meet the standards and requirements for the work with public funds. NBU will be able to settle for the “Ukrposhta” only the procedure of opening and keeping accounts. That is, the NBU will not regulate banking activity “Ukrposhta”, — stated in the message.

It is also noted that the “Ukrposhta” will compete with the state savings Bank and PrivatBank.

In addition, the “Ukrposhta” in the financial monitoring has lower expertise than banks, which causes an increased risk of money laundering.

The regulator noted that “Ukrposhta” in financial monitoring is the prospect of lower than banks, which causes an increased risk of money laundering.

Thus, the NBU has urged the Cabinet of Ministers and Parliament to reject these bills by offering several alternatives.

“Ukrposhta” may provide you with the countryside Agency services on behalf of banks. In “Ukrposhta” wide network, so it would be advisable to increase financial inclusion”, the national Bank noted.

In addition, the regulator proposes to allow “Ukpochta” to work under the new payment legislation.

The report stresses that the new edition of the law “On payment services” will enable postal operators to maintain accounts of customers, and provide calculations and to issue its own payment card without the participation of the Bank.