Objective. Raising of confidence in the financial sector, the improvement of public awareness and the raising of the level of financial service use, the transformation of the regulatory environment of the nonbank financial sector, the enlargement of access to funding for small and medium enterprises (SMEs), the widening of access to financial services and promoting more active use of digital financial solutions, as well as support for pension system sustainability and stability.
Cooperation with the Project is focused on the following areas: the implementation of the ISO 20022 standard, the raising of the public’s financial literacy, the development at the NBU of functions on protecting consumer rights in financial services, the improvement of internal policies in the framework of preparing to accept functions on regulating and supervising the nonbank financial market, particularly segments of leasing, microfinancing, factoring and pawnshop activities.
Products for the NBU and the most significant events are as follows:
- Support has been provided in conducting the following: Global Money Week in Ukraine and the Economic Express conference in the regions of Ukraine, the Central Bank Digital Currencies: New Opportunities for Payments international conference and the BEPSinUA: forum. The International Tax Cooperation forum, as well as the organization of the Forum on Financial Inclusion and the Consumer Rights Protection international conference.
- The production of a video from series The Hryvnia is Our Symbol about the launch into circulation of a new hryvnia denomination – the 1,000 hryvnia banknote – in Ukrainian and English.
- Participation in the improvement and development of legislation, NBU regulations and other legal and regulatory documents on the regulation and supervision of the nonbank financial market, in particular, by segments: leasing, microfinancing, factoring, and pawnshops.
- Assistance in the implementation of the ISO 20022 payment standard into the NBU System of Electronic Payments.
- Holding expert consultations in the drafting of the Financial Literacy Strategy.
- Financial support was provided for the NBU’s membership in Finconet.
- Assistance in studying international experience in order to transform the NBU Money Museum and arranging a legal evaluation of its functioning.
- A study was conducted on consumer finance.
- A draft report, submitted to USAID, on the best practices of anti-money laundering and terrorism financing (models of introducting a risk-based approach for the nonbank financial market were proposed).