NBU allows banks to engage individual entrepreneurs as cash acceptance agents

The National Bank of Ukraine (NBU) has opened up new opportunities for banks by allowing them to engage individual entrepreneurs (IEs) as commercial agents for cash acceptance. This important initiative was approved by the NBU Board Resolution #117 dated September 18 and came into effect on September 22. Previously, this right was available only to non-bank financial institutions.

The NBU resolution also regulated the status of persons who may be engaged to provide cash acceptance services. From now on, only persons or companies authorized to provide financial payment services, limited payment services, postal transfer services, and collection services to banks may become agents of banks and payment institutions.

In addition, the NBU has tightened requirements for commercial agents to ensure proper control over their activities. Importantly, these changes are aimed at improving the reliability and safety of financial services in Ukraine.

In particular, the new resolution defines the mechanisms of internal control over the activities of commercial agents in terms of cash storage and cash collection. It also defines the measures to be applied to commercial agents in case of violation of the legislation on payment services and financial monitoring.

One of the NBU's key initiatives is to support honest commercial agents, which should help to increase the competitiveness of the financial services market. Currently, banks, payment institutions, and issuers of electronic money and payment instruments may engage commercial agents acting on behalf of and at the expense of the respective financial service provider. These can be both legal entities and individual entrepreneurs. To engage a commercial agent, the service provider must notify the NBU.

The new opportunities opened by the National Bank of Ukraine will contribute to the development of the financial sector and increase the convenience and accessibility of financial services for the population and businesses of Ukraine.