“Authorizing the postal operators to carry out currency exchange transactions and money transfers is another step of the NBU to facilitate easier access of nonbank institutions to the financial market. We started this process in 2016, because we wanted Ukrainians to have broad access to financial services, and we are interested in the cashless economy, in a competitive environment, that will enable people to choose quality services in a more convenient way. We are confident that this will make the financial market of Ukraine more civilized and transparent,” said Kateryna Rozhkova in her opening speech during the NBU meeting with postal operators.

The first meeting took place at the NBU on 5 February 2019 and was attended by 11 postal operators, although all market players were invited to the event.

At the meeting, the NBU was represented by First Deputy Governor Kateryna Rozhkova, Deputy Governor Sergii Kholod, Directors of Licensing Department Oleksandr Bevz, Payment Systems and Innovative Development Department Oleksandr Yablunivskyi, Methodology Department Natalia Ivanenko, and Statistics and Reporting Department Yurii Polovniov.

Sergii Kholod said that the NBU was interested in ensuring that citizens had the most convenient and fast access channels to financial services. Therefore, the postal operators may be interested in expanding their activities to rendering services of hryvnia transfer and currency exchange. He also said that if the respective licenses are obtained, the rules of operation on the payment market will apply to postal operators. In particular, it concerns cash handling, oversight and reporting requirements.

Also, the attendees discussed the latest changes in the laws and NBU regulations related to the entry into force of the Law of Ukraine On Currency and Currency Operations, in particular: 

●      review of the money transfer market and NBU plans to expand financial inclusion

●      changes in the laws and NBU regulations, in particular, regarding the right of postal operators to obtain a license for domestic currency transfers and currency exchange transactions and transfers

●      the basic requirements to be met by postal operators in order to obtain licenses.

Oleksandr Bevz described in detail the licensing conditions and the basic requirements that postal operators would have to comply with to obtain such licenses.  In particular, he mentioned the requirements to the ownership structure, business reputation, financial standing, geographical representation of postal operators wishing to engage in relevant activities.

Please, be reminded that starting from 7 February 2019 the general public will have the option to exchange foreign currency not only in banks and exchange bureaus of nonbank financial institutions, but in post offices as well. The NBU granted this option as part of transitioning to the new liberal FX regulation system as provided for by the Law of Ukraine On Currency and Currency Operations. Postal operators will be able also to transfer funds in foreign currency. The respective NBU Board Resolution is approved on 2 January 2019 and will come into force together with the enactment of this law.

Also, starting from the indicated date postal operators will be authorized to conduct money transfers in domestic currency. The respective NBU Board Resolution is approved on 29 January 2019 and will come into force together with the enactment of this law.