Non-bank financial institutions in Ukraine are already integrating with the services of the Diya mobile app. Companies are using these services to identify and verify customers during the lending process.
At the same time, representatives of financial companies signed a Memorandum of Responsible Market Participants and formalized the industry’s transition to more transparent, technologically advanced, and responsible operating rules.
This was announced following a meeting of the Council of the Consumer Lending Market Association.
“Today we are talking about this not as plans, but as a result: the service is already up and running; it is already a reality,” said Oleksandr Kholod, director of Spozhyvchyi Tsentr LLC (ShvydkoGroshi brand) and chairman of the Council of the Consumer Lending Market Association.
A Year of Preparation and Complex Integration
The market began this transformation a year ago. Market participants sought the optimal operating model, navigated a complex transition phase, developed standards, and laid the technical groundwork. Over the past few months, companies have synchronized their approaches, undergone audits, and launched integration in accordance with regulatory requirements.
“Over the past six months, we have been very actively developing technologies and standards, after which we moved on to technical implementation,” noted Kholod.
How digital verification works
The service operates via multi-sharing. A customer in the Diya app confirms the transfer of documents to the financial company, after which it gains access to data from government registries. This approach speeds up decision-making, eliminates paper-based processes, and transitions lending to a fully digital format.
As market participants emphasized, companies previously often worked with inaccurate data. Clients submitted incomplete or outdated information, and sometimes it contained errors or artificially generated data. Access to government registries changes the situation: companies can identify clients more accurately, assess creditworthiness more effectively, and reduce the risk of fraud.
The Position of the Regulator and the Government
Vladimir Sukhanov, Director of the Department for Supervision of Non-Bank Financial Service Providers at the National Bank of Ukraine, spoke about the importance of digitalization.
“Digital identification and access to high-quality data are key to increasing financial market transparency and consumer confidence,” he noted.
The market is already preparing the next step—the integration of data on the status of military personnel and veterans. This decision will allow for the automatic application of benefits and the accurate calculation of loan terms. This was stated by Olga Vasilevska-Smaglyuk, a Member of the Ukrainian Parliament and a member of the Verkhovna Rada Committee on Finance, Tax, and Customs Policy.
“Cooperation between the market and the state is already yielding concrete results and opening up new opportunities for the development of financial services, particularly through digital tools,” she noted.
The Memorandum and the New Rules of the Game
The Memorandum of Responsible Market Participants was signed simultaneously by 18 companies and 2 associations. The document is the result of lengthy discussions within the Association.
The Memorandum raises operational standards, enhances transparency, protects consumer rights, and establishes clear rules of the game. Market participants voluntarily undertake obligations that go beyond legal requirements.
The market is gradually shifting its focus from ethical conduct to systematic process control. Companies are strengthening financial monitoring, implementing anti-fraud mechanisms, conducting deeper analyses of high-risk transactions, and fostering a culture of responsible lending.
“We are effectively entering a new phase—one that goes beyond mere ethical standards to encompass a comprehensive system of risk management and process control at every stage of customer interaction,” noted Volodymyr Dovgal, Director of Aventus Ukraine.
According to him, such steps lay the foundation for the market’s long-term development and enhance its resilience.
The memorandum is open-ended and allows for new participants to join. The initiative’s participants are calling on financial companies, non-bank institutions, and other market organizations to join the memorandum and work together to foster:
- a culture of responsible lending;uniform ethical and professional standards;
- a transparent and competitive environment;
- consumer trust in financial services.
From Ethics to Systemic Oversight
Taken together, these changes signify a systemic shift in the market from fragmented solutions and minimal regulation toward a fully-fledged digital ecosystem, the development of self-regulation, and increased accountability among participants. Market participants refer to this as a “new era”—an era of data, technology, and trust.
The market is also consolidating around associations. Participants are forming a unified position, communicating directly with regulators, and implementing common standards.
“Market consolidation and the implementation of common standards create the foundation for its sustainable development and increase trust in the non-bank financial sector,” added Volodymyr Sukhanov.
Integration with Diya will quickly become the standard for financial companies, just as it has already happened with BankID, according to the meeting participants. The market will continue to scale up integrations, launch new services, and develop its own operating standards.
Signatories to the Memorandum:
Association of Ukrainian Banks
Ukrainian Association of Fintech and Innovative Companies
SPOZHYVCHYI CENTR LLC (trademark “ShvidkoGroshi”)
AVENTUS UKRAINE LLC
GAMA UPGRADE LLC
Maniveo Quick Financial Assistance LLC
FC CREDITPLUS LLC
OPTIMAL LOANS LLC
FC NEW LOANS LLC
Multicredit LLC
SLON CREDIT LLC
STAR FINANCE GROUP LLC
LINEURA UKRAINE LLC
MILOAN LLC
BUSINESS LOAN LLC
SELFI CREDIT LLC
1 SAFE AGENCY FOR NECESSARY LOANS LLC
FC Finmar LLC
CreditKasa LLC
Novapay Credit LLC
