Revolut Bank announced its entry into the Ukrainian market: what the NBU says

Revolut Bank has announced its intention to start operating in Ukraine. At the same time, the National Bank of Ukraine emphasizes the need to comply with legislative requirements and obtain an appropriate license. What is known about the situation and how this will affect Ukrainian users is in our material.

What happened

Revolut has officially announced its entry into the Ukrainian market. It is a foreign bank registered in Lithuania that provides financial services on the basis of a license that allows it to operate in the countries of the European Union. In response, the National Bank of Ukraine (NBU) has issued a statement explaining the conditions under which a foreign bank can operate in Ukraine.

In particular, according to the Law of Ukraine “On Banks and Banking Activities”, a foreign bank can operate only by opening a branch or obtaining a banking license in Ukraine. Currently, Revolut Bank UAB has not received any permits or licenses from the NBU, has not submitted relevant applications and is not undergoing the licensing procedure.

Why is this important?

Revolut's entry into Ukraine could expand opportunities for financial transactions, offer competitive rates and convenient services for users. However, without licensing, the company's activities in the country are not regulated by Ukrainian law.

• Funds in Revolut accounts are not covered by the deposit guarantee scheme;
• The NBU has no leverage over the bank's activities in the event of violations of consumer rights;
• Ukrainians can use Revolut services, but legally this will not be considered an activity of the national banking market.

The NBU emphasizes that all financial institutions seeking to operate in Ukraine must comply with local legislation. The regulator promises to act within its powers to ensure the stability of the financial system and protect the rights of depositors.

It is not yet known whether Revolut will apply for a Ukrainian license.

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