Parliament supports creation of postal bank in Ukraine

The relevant statement was made by Member of Parliament Yaroslav Zhelezniak (from the parliamentary faction ‘Holos’) on Telegram, an Ukrinform correspondent reports.

“The Verkhovna Rada has endorsed in the first reading the creation of a postal bank on the base of Ukrposhta (bill No. 13018-d on financial inclusion),” the report states.

A total of 269 Members of Parliament voted in favor of such decision. Earlier, the revised document was approved by the Verkhovna Rada Committee on Finance, Taxation and Customs Policy.

The draft bill introduces a new type of bank in Ukraine, i.e. a financial inclusion bank, operating under a limited banking license. Its main task will be to provide services to customers who do not have sustainable access to financial services at the moment (such as citizens of Ukraine and micro businesses in the areas close to the combat zone and de-occupied territories, as well as socially vulnerable groups).

Among other things, the draft bill enables a financial inclusion bank to provide banking and other financial services exclusively to individuals, business entities, public and charitable organizations, whose annual income from any activity in the previous reporting calendar year does not exceed the equivalent of EUR 5 million, as well as to public authorities and local self-government bodies.

For the work of such institution to be focused on the above target groups, it is expected to have limited operations in the capital markets and restrictions on the total amount of loan funds that can be provided to one borrower.

A reminder that Ukrposhta JSC, the National Bank of Ukraine (NBU) and Members of Parliament jointly developed a draft bill on the development of financial inclusion in Ukraine, allowing for financial services to be provided, in particular, in postal offices.