NBU: Revolut Must Obtain a License in Ukraine
The National Bank of Ukraine (NBU) has stressed the need for Revolut to obtain a license to operate in the Ukrainian market.
What happened
«As of now, Revolut Bank UAB has not received any licenses or permits from the National Bank of Ukraine, has not submitted any relevant applications, and is not undergoing the licensing process,» said the NBU.
The regulator emphasised that Revolut is a foreign financial company and has no grounds to provide banking services in Ukraine.
«Revolut Bank UAB is a foreign bank registered in Lithuania, which provides financial services based on a license that allows it to operate in European Union countries. According to the Law of Ukraine ‘On Banks and Banking Activity’, the only permissible forms of banking activity on the territory of Ukraine are the establishment of a branch of a foreign bank or obtaining a banking license in Ukraine. Both of these forms require permission from the National Bank of Ukraine.»
- The NBU also stressed that for a foreign player to begin operating on the Ukrainian banking market, the company must first consult with the regulator.
- The absence of a license means that the legislation protecting the rights of financial service consumers and the deposit guarantee system does not apply to Revolut’s customers in Ukraine.
Oleh Horokhovskyi, co-founder of monobank (which Revolut may indirectly compete with in Ukraine), commented on the NBU statement:
«We would be happy to see Revolut in Ukraine, but they must do so with respect for Ukrainian laws. Nowhere in the world would such a ‘market entry’ be allowed. They didn’t even let us into Poland without any valid reason, but Revolut behaves as if Ukrainian laws don’t deserve any attention,» said Horokhovskyi.
What you should know
On February 11, the British neobank Revolut announced an expansion of services for users in Ukraine. Specifically, the company stated that Ukrainians would be able to send and receive money from friends and family abroad and order a special Clear Sky debit card for free.
Later, Dmytro Strelchuk, who is responsible for Revolut’s expansion into new markets, including Ukraine, explained that Revolut’s strategy is to become a local bank with a banking license in each country where the company operates.
«Licensing takes time, but we want to offer our product to Ukrainians today. And by the end of 2025, we plan to obtain a local banking license,» he said.
He also noted that there is a specific Ukrainian context that Revolut is still navigating. To address this, the company announced an opening for a full-time Head of Legal position to handle this matter.
NBU: Revolut Must Obtain a License in Ukraine
The National Bank of Ukraine (NBU) has stressed the need for Revolut to obtain a license to operate in the Ukrainian market.
What happened
«As of now, Revolut Bank UAB has not received any licenses or permits from the National Bank of Ukraine, has not submitted any relevant applications, and is not undergoing the licensing process,» said the NBU.
The regulator emphasised that Revolut is a foreign financial company and has no grounds to provide banking services in Ukraine.
«Revolut Bank UAB is a foreign bank registered in Lithuania, which provides financial services based on a license that allows it to operate in European Union countries. According to the Law of Ukraine ‘On Banks and Banking Activity’, the only permissible forms of banking activity on the territory of Ukraine are the establishment of a branch of a foreign bank or obtaining a banking license in Ukraine. Both of these forms require permission from the National Bank of Ukraine.»
- The NBU also stressed that for a foreign player to begin operating on the Ukrainian banking market, the company must first consult with the regulator.
- The absence of a license means that the legislation protecting the rights of financial service consumers and the deposit guarantee system does not apply to Revolut’s customers in Ukraine.
Oleh Horokhovskyi, co-founder of monobank (which Revolut may indirectly compete with in Ukraine), commented on the NBU statement:
«We would be happy to see Revolut in Ukraine, but they must do so with respect for Ukrainian laws. Nowhere in the world would such a ‘market entry’ be allowed. They didn’t even let us into Poland without any valid reason, but Revolut behaves as if Ukrainian laws don’t deserve any attention,» said Horokhovskyi.
What you should know
On February 11, the British neobank Revolut announced an expansion of services for users in Ukraine. Specifically, the company stated that Ukrainians would be able to send and receive money from friends and family abroad and order a special Clear Sky debit card for free.
Later, Dmytro Strelchuk, who is responsible for Revolut’s expansion into new markets, including Ukraine, explained that Revolut’s strategy is to become a local bank with a banking license in each country where the company operates.
«Licensing takes time, but we want to offer our product to Ukrainians today. And by the end of 2025, we plan to obtain a local banking license,» he said.
He also noted that there is a specific Ukrainian context that Revolut is still navigating. To address this, the company announced an opening for a full-time Head of Legal position to handle this matter.
