The Credit for Agriculture Producers (CAP) Project funded by USAID and implemented by World Council of Credit Unions (WOCCU) takes active part in the NBU’s efforts to support the credit unions of Ukraine. In particular, the CAP Project allowed joint credit unions of Ukraine to use for liquidity purposes the fund earlier disseminated by the project for agricultural lending. It will allow to quickly return savings to some depositors.
Also in the nearest future, the WOCCU and CAP Project are planning to create an international platform that will accumulate financial and technical resources for credit union operation recovery in Ukraine. Under the auspices of the WOCCU and CAP Project the dialogue will be started with the institutions active in social lending and microbusiness financing.
In addition, the WOCCU, as well as the credit unions of Canada, the USA, Poland, and Lithuania are ready to provide financial assistance to the credit unions of Ukraine to facilitate the quick recovery of their operation. Starting from the first days of war, the credit unions of the USA and Canada created by the Ukrainian communities have given USD 1 million to support Ukraine.
“The NBU is grateful to the international development partners for supporting credit unions operation in Ukraine. Help during these dire times is invaluable to our credit unions,” said Olha Maksymchuk, Director of Nonbank Financial Services Supervision Department.
Earlier WOCCU has declared that it harshly condemns the Russian government’s decision to invade the independent and sovereign nation of Ukraine and use military force to cause massive devastation. WOCCU has also made the decision to suspend all engagements and activities with Russia across all its entities and initiatives.
The NBU has recently amended some of the regulatory requirements that apply to credit unions.Some of the amendments were aimed also to support credit unions. The novelties mentioned above are introduced by NBU Board Resolution No. 39 On Regulating the Activities of Nonbank Financial Market Participants, Nonbank Financial Groups, Payment Market Participants, Debt Collection Agencies, and Legal Entities Licensed to Provide Cash Collection Services to Banks dated 6 March 2022 (UKR).