Expert opinion

In September, the National Bank of Ukraine adopted a number of decisions aimed at improving the reliability, transparency, and controllability of the non-bank financial services market. This is stated in the analytical review of the Center for Economic Research and Forecasting “Financial Pulse.”

According to Dilara Mustafayeva, head of the analytical department at Financial Pulse, the regulator's activity in September indicates a systematic approach to the development of the non-banking sector and higher transparency standards.

“The NBU continues to establish clear rules of the game for non-banking institutions. Tightening requirements for financial companies and improving supervision of credit unions is a logical step towards stabilizing the market, which is playing an increasingly important role in Ukraine's financial ecosystem,” the expert emphasized.

Key decisions of the NBU in September

September began with the introduction of increased requirements for the activities of significant financial companies (Resolutions No. 108 and No. 109 of 02.09.2025). The National Bank also improved the regulation of credit unions in order to ensure that consumers of financial services are properly informed and their interests are protected (Resolutions No. 111 and No. 112).

Resolution No. 114 of September 5 regulates the procedure for recognizing services as financial or limited payment services and identifying cases of unlicensed activity. In the same context, by Decision No. 346-rsh, the NBU recognized the services of Trustee Global UAB, provided through the TRUSTEE PLUS application, as requiring licensing and prohibited their provision.

The regulator also adopted Resolution No. 118 of September 17, which updated the rules for non-resident supervision of financial companies and the procedures for temporary administration of insurers and credit unions. Resolution No. 120 of September 28 introduced changes aimed at preventing crisis situations during the period of martial law. Resolution No. 122 of September 30 simplified the procedure for authorizing financial companies as payment institutions without suspending their activities.

Additional areas of regulation

Other changes in September include improvements to the regulation of cash circulation (Resolutions No. 110 and No. 115), updates to the rules on payment secrecy (No. 116), the easing of certain currency restrictions (No. 119), and clarification of the mechanisms for registering collection companies (No. 113).
In addition, the NBU updated the List of Services Not Subject to Taxation (No. 117) and amended the regulations on depositary activities (No. 121) to improve the efficiency of interaction with depositors.

“The systematic and consistent actions of the NBU demonstrate the regulator's desire to ensure the stability of the non-banking segment even under martial law. This is important not only for the companies themselves, but also for consumers who expect predictability and protection of their interests,” explained Dilyara Mustafayeva.

Focus on macroeconomic stability

On September 12, the NBU Council confirmed the validity of the “Basic Principles of Monetary Policy for the Medium-Term Perspective”, adopted on September 15, 2024. The document will remain in force until a separate decision is adopted by the Council, depending on the dynamics of the economic situation.

“The confirmation of the strategic principles of monetary policy is a signal to the market that the National Bank does not deviate from its consistent line even in difficult military conditions. Such predictability is one of the key factors of trust in the financial system,” Mustafayeva concluded.