A serious conflict has erupted in the Ukrainian financial sector. The National Bank of Ukraine (NBU) has officially declared the General Director of JSC "Ukrposhta", Ihor Smelyanskyi, professionally unfit to manage the payment service operator. The regulator is demanding the removal of the head from his position within five days.

The regulator's decision is the result of an inspection of the company's activities, which revealed systematic violations between 2023 and 2026. According to a special NBU commission, Smelyanskyi does not possess sufficient knowledge of legislation or experience to manage a financial structure of such scale.

List of violations and fines

The NBU statement contains a detailed list of problems the regulator has encountered. In recent years, "Ukrposhta" has repeatedly been subject to measures due to failures in payment services, deficiencies in financial monitoring, and weaknesses in the internal control system.

The financial consequences for the company have been significant. The regulator listed specific fines imposed on the postal operator:

  • February 2024: A fine of 17.39 million hryvnias for improper organization of financial monitoring.
  • March 2026: A fine of 255,000 hryvnias for failure to provide documents to the regulator in a timely manner.
  • May 2026: A fine of 1.7 million hryvnias for deficiencies in corporate governance and risk management systems.
  • Current month: A fine of 2.54 million hryvnias for violations in conducting payment operations and acquiring, as well as violation of service provider confidentiality. Additionally, the company received a written warning.

According to NBU requirements, the Supervisory Board of "Ukrposhta" must find and appoint a new head within two months who fully meets the regulator's qualification requirements.

Counter-reaction: accusations of corruption and "personal vendettas"

Ihor Smelyanskyi has no intention of accepting the NBU's decision. In response to the demand for his resignation, he stated that the regulator's actions are an attempt to sabotage plans to create its own postal bank.

The head of "Ukrposhta" accused the Chairman of the NBU, Andriy Pyshnyy, of settling personal scores, acting unlawfully, and corruption. Smelyanskyi also threatened Pyshnyy with liability for his actions. The company's legal team has already begun preparing lawsuits to protect the interests of the general director.

Position of the Ministry of Communities and Territories Development

Since the powers of the "Ukrposhta" Supervisory Board are currently vested in the Ministry of Communities and Territories Development, it is this department that will make the final decision regarding the fate of the general director.

The ministry stated that it is awaiting receipt of an official letter and a package of documents from the NBU. Only after a detailed analysis of all circumstances and grounds for the regulator's decision will the department be able to provide substantive comments. At this time, any assessments are considered premature.

Cause of conflict: battle for the banking services market

Experts and media link the escalation of the conflict to "Ukrposhta's" ambitions to create its own bank. It is expected that the new financial product of the postal operator will take a significant share of clients from the state "Oschadbank" and "PrivatBank".

The discussion about the "postal bank" has long gone beyond professional discussion and has turned into a public confrontation between the NBU leadership and the top management of "Ukrposhta". Now, the outcome of this confrontation will depend on whether Smelyanskyi can defend his qualifications in court or if the Supervisory Board will fulfill the regulator's demand.