Ukraine’s financial landscape has been marked by significant progress in expanding access to financial services through regulatory reforms, digital innovation and targeted policy initiatives. Yet, Russia’s invasion has exacerbated challenges in policy gaps, underdeveloped financial infrastructure, high transaction costs and limited digital financial literacy. The impact of the war is disrupting MSMEs, struggling with cash flow, supply chain disruptions, and emergency capital expenditures. Enhancing MSMEs’ access to finance is vital for economic recovery, where a sustainable financial ecosystem plays a critical role in post-war reconstruction.

The overarching objective of the Program is to develop resilient financial services for the private sector in Ukraine with a focus on expanding access to sustainable financing, particularly for MSMEs, by increasing access to affordable finance. The Program also seeks to attract future private investment, improve the handling of distressed assets, and increase the availability of foreign currency liquidity. These measures will help free up capital within banks, enabling them to expand lending to the private sector. The Program is an expanded continuation of digital finance, agri-tech and financial infrastructure initiatives developed under previous projects. It also introduces new components to attract private capital and unlock affordable finance to MSMEs and mid-cap businesses.

Increased access to finance for SMEs, especially for women-led and for rural MSMEs

Improved legal and regulatory environment, and better alignment with EU directives

Improved financial infrastructure of the Ukrainian financial sector

Enhanced capacities and knowledge of financial stakeholders

Erwartete Resultate:  

At least 15’000 invoice-based transactions are originated via digital finance infrastructure

At least 4’700 crop receipts and agrarian notes linked to financial services are issued

At least 10’000 transactions are processed through the Asset-Based Finance platform

Laws and regulations supporting the financial ecosystem for digital financial services, asset-based finance, asset resolution mechanisms and diversified payment rights are developed

Electronic and sector-level infrastructure platforms (supporting open banking and operability) are launched or operationalized

Training, outreach and awareness activities are conducted to build the capacities of policy makers, regulators, financial institutions and SMEs

Resultate von früheren Phasen:  

Key achievements of UFIP Phase I include:

Launch of the National Bank of Ukraine’s Strategy of Ukrainian Financial Sector Development

Over 40,000 visitors on the newly established financial literacy website Harazd

Increase from 19,000,000 to over 81,700,000 accounts linked to mobile banking systems

Over 43,000,000 USD of MSME loans disbursed through digital channels

Launch of the Digital Data Corridor initiative, enabling cross-border data exchange for forcibly displaced people to access financial services in host countries

Development of key building blocks for a modern digital financial ecosystem, including an open API fintech platform, open banking standards, e-Know-Your-Client processes, regulatory sandbox adoption, and agency banking reforms.