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Олександр КузьменкоMoney
27 February 2025, 12:10
2025-02-27
UPD. Revolut did not receive any licenses or permits, the NBU says. Gorohovsky said that the neobank entered the Ukrainian market in violation of the laws. What Revolut says
The National Bank of Ukraine has issued a statement regarding the entry of neobank Revolut into the Ukrainian banking market, in which it emphasized the need for licensing. Monobank co-founder Oleg Horohovsky noted that Revolut «behaves as if Ukrainian laws do not deserve any attention at all». The material is supplemented with a comment from Revolut.
The National Bank of Ukraine has issued a statement regarding the entry of neobank Revolut into the Ukrainian banking market, in which it emphasized the need for licensing. Monobank co-founder Oleg Horohovsky noted that Revolut «behaves as if Ukrainian laws do not deserve any attention at all». The material is supplemented with a comment from Revolut.
The National Bank’s statement notes that Revolut Bank UAB is a foreign bank registered in Lithuania, which provides financial services based on a license that allows it to operate in the countries of the European Union.
«According to the Law of Ukraine „On Banks and Banking Activities“, the only permissible forms of conducting banking activities on the territory of Ukraine are the establishment of a branch of a foreign bank or obtaining a banking license in Ukraine. Any of these forms requires permission from the National Bank of Ukraine. When considering an application for opening a branch or obtaining a license, the NBU carries out a comprehensive assessment of the business reputation of the founder, his financial condition and the proposed business model», — the NBU indicated.
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.
«We support open competition and the development of financial technologies, but we consider it appropriate to emphasize that all market participants must act within the framework of legislative and regulatory requirements», — the National Bank of Ukraine says.
The NBU 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.»
«Revolut did not contact the regulator, did not receive any permits, and operates on the Ukrainian market illegally. We would be happy to see Revolut in Ukraine, but this must be done with respect for Ukrainian laws. Nowhere in the world would such a „market entry“ be possible», — Horokhovsky wrote .
He added that monobank «was not allowed into Poland at all without any reason,» and Revolut, according to him, behaves «as if Ukrainian laws do not deserve any attention at all».
UPD from 20:10. dev.ua reached out to Revolut for comment and received a response. The neobank stated that they had notified the Ukrainian regulator of their plans in Ukraine and that they were seeking to obtain a Ukrainian banking license in the future.
The full text of Revolut’s comment on the NBU’s statement:
«Revolut prioritises compliance with local regulations and conducted a thorough evaluation before offering services to Ukrainian residents on a cross-border basis.
Revolut is currently providing services to Ukrainian residents through Revolut Bank UAB, based in Lithuania and supervised by the European Central Bank and the Bank of Lithuania. We offer EU accounts only and we are not planning to open Ukrainian accounts without further authorisation.
Revolut is providing services to hundreds of thousands Ukrainian customers in the European Union and beyond. We offer instant fee-free payments between Revolut users that connect Ukrainian families around the world.
We have previously notified the Ukrainian regulator about our plans in Ukraine and we will seek a local licence in due course and will work closely with the NBU to bring even more innovative financial services to Ukrainians».
Currently, Revolut does not have the limits that exist in Ukraine (for example, a limit of 100,000 UAH 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.
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