Expert opinion

The financial services market of Ukraine will undergo significant changes in 2024, which will have both positive and constructive consequences for the sector. About this in interview CEO of MyCredit Vladyslav Bilan said.

According to him, one of the key changes will be limiting the daily interest rate to 1% per day. This step, according to Bilan, aims to create more favorable conditions for customers. Companies are given time to adapt to the new standard - until the fall of 2024.

"The lowering of the interest rate is certainly the most significant transformation in the financial market," Bilan emphasized.

He also noted that the National Bank will introduce additional requirements for assessing borrowers' creditworthiness. This may lead to a longer process of obtaining a loan, but it provides an opportunity to improve the work and provide an even higher quality of service.

"For the past few years, MyCredit worked with an effective rate of 1-1.4% per day. In the summer, all companies will switch to 1% per day. If for MyCredit and most large companies, this will mean a decrease in profits, then for small companies it will be the end of their work. Many players will leave the market," said Bilan.

He also emphasized that the National Bank is actively taking measures to regulate the activities of creditors.

"We consider this a very important step, because we strive to work in conditions of transparency, in a regulated market. Fair competition gives an impetus to the market to function effectively and develop," Bilan concluded.</p style="text-align: justify;"> p>

He noted that among the expected consequences of the changes:

- Reducing the number of players on the market
- improving conditions for customers
- improving the quality of service
- developing a fair and transparent market