dev.ua received a comment from the National Bank of Ukraine regarding the recent remarks from the regulator towards the neobank Revolut. The NBU emphasized that the provision of banking services in Ukraine to Ukrainian residents requires an appropriate license.
dev.ua received a comment from the National Bank of Ukraine regarding the recent remarks from the regulator towards the neobank Revolut. The NBU emphasized that the provision of banking services in Ukraine to Ukrainian residents requires an appropriate license.
On February 27, the National Bank of Ukraine issued a statement regarding the entry of neobank Revolut into the Ukrainian banking market, in which it emphasized the need for licensing.
The regulator noted that currently Revolut has not received any licenses or permits from the National Bank of Ukraine, has not submitted relevant applications, and is not undergoing the licensing procedure.
The NBU also warned Ukrainians that «the norms of the legislation on the protection of the rights of consumers of financial services and the deposit guarantee system» do not apply to Revolut customers.
Monobank co-founder Oleg Horohovsky responded to this statement by the National Bank. According to him, Revolut’s entry into the Ukrainian market is a «banal violation of Ukrainian laws.»
Subsequently, dev.ua received a comment from Revolut regarding the recent remarks from the NBU. The neobank stated that it pays «priority attention to compliance with local regulatory requirements» and conducted a thorough assessment before providing services to residents of Ukraine.
«We only offer accounts in the EU and do not plan to open Ukrainian accounts without additional permission,» Revolut said.
dev.ua asked the National Bank for comment on the situation and received a response. We quote it in full:
«The position of the National Bank is exhaustively set out in our previous statement: the provision of banking services on the territory of Ukraine to Ukrainian residents requires obtaining an appropriate license, or registering a branch of a foreign bank. Regulation and supervision of the activities of banks on the territory of Ukraine is the exclusive mandate of the National Bank of Ukraine.
The National Bank supports open competition among participants in the Ukrainian financial market and the emergence of strong players with an international name and a stable reputation. At the same time, we emphasize that the rules are the same for everyone: market participants must conduct their activities in accordance with Ukrainian banking legislation.
We are open to dialogue with Revolut and are ready to facilitate the start of the process of obtaining a license by the company in Ukraine. Currently, such a regulatory dialogue has been initiated on the basis of mutual requests from the company and the regulator. The National Bank will also continue communication with the banking supervisory authority in whose jurisdiction Revolut Bank UAB is registered, to better understand the bank’s operating model.»
Recall that on February 11, the application of the British FinTech company Revolut, among the founders of which is Ukrainian Vlad Yatsenko, became available in Ukraine .
Subsequently, Revolut’s head of new market launch, Dmytro Strelchuk, said that the company is seeking to obtain a Ukrainian banking license to add hryvnia cards to the application.
Currently, Revolut does not have the limits that exist in Ukraine (for example, a limit of UAH 100,000 on currency transfers abroad per month), as it is a European bank account, although limits may apply on the part of Ukrainian banks.
«Our goal is to have good relations with all regulators. Obtaining a license is a priority. However, I am not ready to comment on specific deadlines,» said Dmytro Strelchuk.
He added that Revolut expects to obtain a Ukrainian banking license by the end of 2025, and that the company has no problems obtaining it in Ukraine.
