The state-owned Oschadbank has announced the extension of the validity of all its cards, including those that are set to expire. The new rules come into effect, and cards will remain active at least until December 31, 2025. This means that customers can be assured that their cards will not be blocked.
This is reported by Finway
The bank noted that this decision was made in light of the current martial law in Ukraine. The extension of card validity occurs automatically, allowing customers to use their payment methods without interruption even after the expiration date.
“Due to martial law, Oschadbank has extended the validity of payment cards until December 31, 2025, for the convenience of customers. The extension occurs automatically,” the bank’s statement reads.
Furthermore, if customers received a notification that their card’s validity would not be extended, they should contact an Oschadbank branch for card reissuance.
Reduction in the Number of Banks in Ukraine
The head of the Verkhovna Rada Committee on Finance, Taxation, and Customs Policy, Danilo Hetmantsev, reported that since 2013, the number of banks in Ukraine has decreased by two-thirds. According to the deputy, the reasons for this include the exit from the market of financial institutions that do not meet modern standards, as well as increased requirements for banking supervision.
Hetmantsev emphasized that this process positively affects the stability of the banking system, although the reduction in the number of institutions also leads to a decrease in the level of lending in the economy.
He noted that the trend of reducing banks has been ongoing since 2009 and is the result of several factors, including:
- financial crises;
- strengthening of banking regulation standards;
- the consequences of the war with Russia;
- the exit of foreign banks from the market;
- the emergence of neo-banks, such as Monobank.