In June 2026, a new phase of modernization of the financial system will begin in Ukraine — the National Bank of Ukraine announced the introduction of fees for the use of the BankID system for market participants. This decision will be another step in the long-term transformation of the country’s financial infrastructure.
This is reported by Finway
“For four years, the system has operated for you free of charge, but we are introducing fees for our services,” said Olga Vasilyeva, Deputy Director of the Payment Systems and Innovative Development Department of the NBU during Ukraine Fintech Week’26 in Kyiv.
Stages of NBU’s Formation and Reform
Since its establishment in 1991, the National Bank of Ukraine has had a key mission — to form an independent monetary policy. The introduction of the hryvnia in 1996 was a defining event for the country’s financial independence.
After the economic crises of the 2000s and especially after 2014, the NBU significantly changed its approaches to monetary policy, moving to inflation targeting and a flexible exchange rate. This allowed for increased resilience of the economy to external shocks.
Cleaning Up the Banking Sector and Digitalizing Finances
One of the largest reforms was the “cleaning up” of the banking system in 2014–2016, when dozens of insolvent banks were removed from the market. At the same time, capital requirements and transparency of ownership structures were strengthened, laying the groundwork for the sector’s stability even during wartime.
The NBU actively invested in the development of payment infrastructure and digital services: it improved the electronic payment system, introduced the IBAN standard, and expanded the functionality of instant payments. The BankID system became one of the key elements of this ecosystem, allowing banks to integrate with state and commercial services and simplifying citizens’ access to digital services.
Regulation of the Non-Banking Sector and Support for Fintech
In recent years, the NBU has intensified oversight of non-banking financial institutions, standardizing requirements in the market. At the same time, the fintech sector is developing, opening up new infrastructural opportunities and supporting innovations.
Challenges of War and a New Stage of Development
With the onset of full-scale war in 2022, the National Bank faced unprecedented challenges: it implemented currency restrictions, fixed the hryvnia exchange rate at the initial stage, and later transitioned to a managed flexibility regime. This helped avoid financial panic, maintain the integrity of the banking system, and ensure uninterrupted payments even in crisis conditions.
The introduction of fees for BankID in 2026 indicates a gradual transition to a mature financial system. For citizens, access to services will remain free, and the new conditions will only apply to market participants. Over more than three decades, the NBU has evolved from establishing the foundations of the financial system to implementing innovations that ensure the stability and development of Ukraine’s economy.