National Bank of Ukraine updates institutional strategy

MOSCOW. Jan 12 (Interfax) - The National Bank of Ukraine has partially updated its institutional strategy called "Ukraine's Financial Stronghold," supplementing it with measures to broaden financial inclusion and ensuring barrier-free banking, Ukrainian media reported, quoting the regulator's website.

"Making financial services accessible to all citizens is our priority [...]. There is a solution: mobile branches, agency agreements, requirements for barrier-free and customer service inclusion. We are assuming leadership in consolidating the financial system's efforts in this field and speeding up implementation," a press release quotes National Bank Governor Andrei Pyshny as saying.

This will among other things involve making financial services for clients with disabilities available both physically and online.

The measures will be closely related to the further development of the "Power banking 2.0" initiative to ensure undisrupted access to financial services for all citizens in areas with low financial inclusion.

Banks will focus on quickly restoring services in these territories by developing mobile branches, installing more ATMs, using commercial financial services agents and expanding their branch network.

The NBU updated its institutional strategy, previously intended for the period to 2025, in May making it open-ended and focusing on reconstruction, adding a flexible exchange rate and the financial sector's European integration to its goals and changing its title to "Financial Fortress." The next strategy update is scheduled for the first half of 2024.