In October 2024, a significant decrease in the number of participants was observed in the non-bank financial market of Ukraine. The total number of companies operating in the market decreased from 926 on October 1 to 897 on November 1, 2024. This came amid a purge of registers and crackdowns on non-compliant or risky financial institutions.

According to the press service of the National Bank of Ukraine (NBU), several categories of financial companies were excluded from the market. Thus, at the initiative of the applicants themselves, five insurers and one credit union were excluded from the registers, which demonstrates the cleansing of the market from low-quality players. In addition, 17 financial companies, one risk insurer and two pawnshops were forcibly excluded.

In general, the structure of the non-banking financial market remained similar, although it underwent certain changes. Thus, on November 1, 492 financial companies worked on the market (versus 509 in October), 58 non-life insurers (there were 64), and 111 pawnbrokers (there were 113). The number of credit unions decreased by one to 109, while the number of life insurers remained stable at 11 companies.

No less important is the decrease in the number of collection companies, which decreased from 75 to 71. However, there are enough participants in the market, in particular, 43 insurance brokers continue to work, which is a slight increase compared to the previous month.

The market is also witnessing changes in the composition of banking and non-banking financial groups. The number of banking groups decreased from 18 to 16, while non-banking financial groups remained at 30. It is important that there were no significant changes in the payment market - the number of payment systems created by residents remained at 16, and international payment systems at 14, which one less compared to the previous month.

Also, 18 payment institutions, 12 financial institutions providing payment services, one electronic money issuing bank and one postal operator continue to operate on the market, remaining unchanged.

In general, changes in the market of non-banking financial services indicate the continuation of the process of cleaning and optimization, which can have a positive effect on the stability and reliability of the financial system of Ukraine as a whole.ф