The National Bank of Ukraine has issued a licensefor the provision of cash collection and cash-in-transit services to CIT SECURITY LLC. ON 1 December 2016, NBU Board Decision 454-рш was issued to this effect.  

“Granting access to the cash-in-transit services market for CIT companies is an integral part of a new concept paper on cash circulation adopted by the NBU in August 2016.  Under the outsourcing model of cash handling, the NBU contracts out part of the cash distribution functions that are performed in the regions  to other market participants, including banks and Cash-in-Transit companies (CIT-companies),” said Director of the NBU Cash Circulation Department Mr Viktor Zaivenko.

Mr Zaivenko said that the NBU seeks to contribute to the  development of a competitive market of cash-in-transit services, adding that the regulator curently reviews documents submitted by another two CIT companies.