The NBU has drafted a new institutional Strategy of the National Bank of Ukraine 2025 (hereinafter referred to as "the Strategy"). The document focuses on creating maximum value for the clients, which meets today's challenges and contributes to the up-to-date development of the Ukrainian financial sector regulator.
The Strategy was publicly presented on 20 May 2021 on Banker’s Day.
"Present-day conditions should inform the further quality development of the financial system. The new Strategy addresses the changes that took place globally and in Ukraine. The regulator will follow this road map in the following years to spur economic growth in the country and increase public welfare. The NBU is certain that each citizen will experience the positive changes in the economy and in personal welfare resulting from the regulator’s efforts," said Kyrylo Shevchenko.
The Strategy will be implemented in line with three strategic development directions detailed in the following 12 strategic goals:
First direction. Promoting the resumption of economic development:
- Maintaining macroeconomic stability
- Resuming lending to the economy
- Developing the financial services market
- Developing the capital markets’ infrastructure
Second direction. Digital finance as a driver for digitalization of the economy:
- Developing the cashless economy
- Improving the level of financial inclusion
- Developing innovations in the financial sector
- Cybersecurity of the financial sector
Third direction. Institutional Development and Operational Excellence of the NBU:
- Improving the Operational Efficiency
- Partnership and communication with stakeholders of the NBU
- Digital transformation of the NBU
- NBU the best employer
First two directions are external and aimed at meeting the needs of financial ecosystem participants. The NBU’s institutional development and operational excellence aim to improve the carrying out of the regulator’s Mission and Vision through internal transformation and advancing stakeholder partnerships.
"The NBU will do everything in its power to ensure that financial sector regulation stimulates the development of the Ukrainian economy and addresses the current challenges in the environment as well as the needs of all ecosystem participants. Each paragraph in the Strategy resonates with these intentions," said Arsen Makarchuk, Director of the NBU Strategy and Development Department.
The NBU intends to strengthen its status of a professional and independent expert, proactive partner for other policymakers, modern and transparent regulator, innovation driver, independent macrostability guarantor, and a firm protector of consumer rights.
The Regulator’s team prepared the revised Strategy with consideration of customer needs. The main customers are each household, each citizen of Ukraine, the government, and business.
"Our assignment was to find values that we can bring to society, the financial system in general, and each Ukrainian in particular. Our ultimate goal is to create conditions for financial service consumers to receive quality, accessible, and safe financial services, and for the Economy of Ukraine and the welfare of its citizens to grow. This work will continue in the following years in line with our Strategy," noted Oleksii Shaban, NBU Deputy Governor.
The revised Strategy is in line with the principles and areas of the financial sector’s development, as set forth in the Strategy of Ukrainian Financial Sector Development Until 2025, which consolidates the visions of development of all financial sector participants.
For more details on the Strategy of the National Bank of Ukraine 2025, go to the designated section on the NBU’s official website.
To view the video address by Kyrylo Shevchenko, NBU Governor, on presentation of the Strategy, go to link.