The NBU has fined Ukrposhta 1.7 million hryvnias: what is the reason?

This has been reported by the National Bank of Ukraine.

The National Bank of Ukraine has imposed a fine of 1.7 million hryvnias on Ukrposhta.

According to the NBU, the company failed to ensure the proper functioning of its corporate governance, internal control and risk management systems whilst providing financial payment services.

The violations were identified following the results of off-site supervision and an on-site inspection as of 1 November 2025.

This concerns non-compliance with the requirements of the Law “On Payment Services” and the NBU’s regulations regarding the management systems of financial payment institutions.

The decision to impose the fine was adopted on 18 May by the NBU Committee on the Supervision and Regulation of Banks and Payment Infrastructure.

Ukrposhta must pay the fine within five working days of receiving the National Bank’s decision.

The conflict between Ukrposhta and the NBU

A regulatory conflict is ongoing between Ukrposhta and the National Bank of Ukraine.

The NBU has already imposed fines on the postal operator for violations in the payments market, failure to submit data and refusal to provide minutes of the supervisory board. Ukrposhta is challenging these decisions in court.

On 17 March, the National Bank fined Ukrposhta 255,000 UAH for breaching legal requirements in the payments market.

This concerned the failure to submit to the regulator information and documents that the NBU had requested in accordance with established requirements within the specified timeframes.

Ukrposhta’s position

On 27 March, Ukrposhta announced that it had paid the fine in full.

At the same time, the company stated that it categorically disagreed with the grounds for the fine and would challenge the regulator’s decision in court.

Ukrposhta stated that the NBU had imposed the fine “for failure to comply with an obviously unlawful requirement”, as, in the operator’s view, it involved the provision of information and documents that did not pertain to the National Bank’s sphere of activity.

The company also noted that these matters fall within the remit of Ukrposhta’s shareholder – the Ministry of Development of Communities and Territories of Ukraine.

The NBU’s statements and Smelyanskiy’s reaction

At the same time, the NBU stated that “Ukrposhta JSC lacks adequate corporate governance, internal control and risk management systems”.

The regulator also claimed that “the systemic nature of the violations during 2024–2026 calls into question the quality of corporate governance within the company and the professional competence of its head – CEO Ihor Smilianskyi”.

On 30 March, Ukrposhta CEO Ihor Smiliansky responded to the NBU’s statements and called the allegations unfounded.

In his post, he stated that, in his opinion, the National Bank was overstepping its authority by drawing such conclusions without court rulings.

Smiliansky also rejected the regulator’s assessments regarding the risk of default by “Ukrposhta”. According to him, the company ended the fourth quarter with a profit and has capital amounting to several billion hryvnias.

What Getmantsev said

On 31 March, Danylo Getmantsev, chairman of the parliamentary committee on finance, tax and customs policy, responded to the situation.

He noted that “the personal conflict between Pyshny and Smelyanskiy has clearly crossed the line”.

According to Getmantsev, the committee will request explanations from the parties involved.

Ukrposhta’s plans regarding the bank

In 2023, Ukrposhta announced that it wished to obtain a banking licence to provide citizens with an expanded range of services.

In June 2025, the Verkhovna Rada passed a bill in its second reading that would allow a bank to be established on the basis of Ukrposhta.

The document provides for the introduction of a new type of bank – a financial inclusion bank – which will operate on the basis of a limited banking licence.

In February, Ukrposhta CEO Ihor Smiliansky stated that once Ukrposhta launches its own bank, pensioners will be able to obtain short-term loans.

As reported by ThePublic, Smiliansky criticised the NBU over the financial inclusion law.

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