Significant changes are brewing in Ukraine's financial sector, linked to the activities of the national postal operator. Deputy Head of the National Bank of Ukraine, Dmytro Oleinyk, has outlined a new development strategy for Ukrposhta that could radically alter the landscape of the financial services market.
The Path to Financial Inclusion Through Business Separation
According to the regulator's representative, the most expedient step for the postal operator would be to separate its financial division into a separate company. Only such a structure would allow the business to legally apply for a license from the National Bank. Oleinyk noted that the regulator is ready to consult the Ministry of Communities and Territories Development on forming the correct structure for such a business.
"In my view, this company could actually receive a financial inclusion license within a nine-month horizon, provided it operates within the framework of the legislation," stated the Deputy Head of the NBU.
Myths About Bank Refusals and the Regulator's Position
During the discussion at the National Bank, several circumstances regarding Ukrposhta's past attempts to access banking activities were clarified. The regulator categorically refuted information that the postal operator was allegedly previously denied a banking license.
The official position of the NBU is that Ukrposhta has never submitted a full official package of documents necessary for such a decision. Thus, there was no formal refusal, as there was no full application.
Conflict Over Ihor Smelyansky
The central element of the confrontation between the postal operator and the regulator is the figure of General Director Ihor Smelyansky. The NBU deemed him professionally unfit and demanded his removal from office within five days. This decision was made following an audit of the company's activities, during which systemic violations in the operator's work were identified between 2023 and 2026.
The National Bank denies any bias against Smelyansky, emphasizing that decisions were made based on years of supervision, audits, and interviews with members of the supervisory board. Dmytro Oleinyk also warned that even if the General Director appeals to the court, it will not stop the implementation of the regulator's decision.
"Obviously, he has the right to defend himself, and we will also defend this decision," emphasized the Deputy Head of the National Bank.
Counter-Reaction and Business Geopolitics
Ihor Smelyansky disagrees with the regulator's conclusions. He stated that the NBU's actions are linked to preparations for launching the law on financial inclusion banks. Furthermore, the General Director criticized the National Bank's leadership, accusing them of abuse of power, unlawful actions, and corruption.
Experts and market participants note that Ukrposhta is considering the possibility of creating its own bank. The implementation of such a project could lead to a significant shift of customers away from state banks, such as Oschadbank and PrivatBank. It is precisely these ambitions and potential market changes that many consider the main reason for the disputes between the postal operator and the National Bank.