NBU Proposes New Rules for Opening Accounts Through Commercial Agents

The National Bank of Ukraine proposes to allow financial inclusion banks to engage commercial agents for the opening of bank accounts and deposits. This aims to expand access to financial services for clients who find it difficult to use traditional bank branches. A commercial agent will be able to advise clients, offer banking products, prepare and conclude bank account agreements, arrange bank deposit agreements, as well as conclude agreements for escrow or conditional storage accounts. To do this, a corresponding agreement must be concluded between the bank and the commercial agent. The NBU also plans to define a list of clients for whom financial inclusion banks will be able to open accounts under the new mechanism. The changes are related to the entry into force of certain provisions of the law on the development of financial inclusion in Ukraine. The draft resolution of the NBU on changes to the instruction for opening and closing user accounts is currently under discussion and has not yet come into effect.

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