The National Bank of Ukraine (NBU) issues licenses to participants of the nonbank financial services market and registers participants of the payment market in order to protect consumer rights in financial services and thus foster financial stability in Ukraine.
Nonbank financial institutions for the following financial services:
Nonbank financial institutions and postal service operators for:
Legal entities for:
The NBU constantly improves the legal framework on licensing in order to bring it in line with the international standards.
Information on licenses issued by the National Bank to non-banking institutions
Can a financial institution obtain a license for the provision of cash collection services?
A financial institution will not be able to obtain a license for the provision of cash collection services to banks, as this type of activity, according to the law on financial services, is not a financial service. Any legal entity (that is not a financial institution) may apply to the NBU for a license for the provision of cash collection services to banks.
At the same time, to cover solely its own transportation needs, a financial institution may create an internal cash collection unit with the required level of technical equipment.
Is a NBFI that is licensed to carry out money transfers in the national currency without opening an account allowed to provide money transfer services to legal entities?
The list of possible services and customers of a NBFI is established by the rules of a payment system where such NBFI is a participant.
In particular, a NBFI may service money transfers in the national currency – initiated by legal entities – without opening an account, including in favor of other legal entities, if such transfers are stipulated in the rules of a payment system that executes a transfer.
May a newly-established legal entity apply to the NBU for a license?
A legal entity may apply to the NBU to obtain a license for the execution of money transfers without opening an account and a license for currency operations, provided that such legal entity had acquired the status of a nonbank financial institution. For this purpose, a legal entity has to preliminary apply to the National Commission for the State Regulation of Financial Services Markets in order to be recorded in the State Register of Financial Institutions. In addition, a postal service operator may apply to the NBU for a respective license.
Any legal entity (that is not a financial institution) may apply to the NBU for a license for the provision of cash collection services to banks.
What is an international system of online settlements and what is the procedure for approving its operation in Ukraine?
This is an international payment system that ensures online payments and settlements using the payment instruments of the international payment systems, the details of which are recorded to the Register of Payment Systems, and with the electronic money of such international system of online settlements, provided that funds are charged/credited from/to the system solely through bank accounts.
To obtain an approval of the terms and procedure of operation in Ukraine, an international system of online settlements should submit to the NBU the following documents:
1) an application for the approval of the terms and procedure of operation in Ukraine of an international system of online settlements
2) a copy of one of the following documents issued by a foreign authority:
3) an information note that should include the description of the following:
An operator, a representation office, or a Ukraine-based settlement bank of an international system of online settlements, or an authorized nonresident institution, may apply to the NBU to obtain approval of the terms and procedure of operation in Ukraine of an international system of online settlements.