Ukraine Financial Inclusion - Consumer protection, financial literacy and NFIS

completed

The Program will facilitate the development of responsible financial practices and a strategic approach to financial inclusion in such a way that it can contribute towards improved financial sector intermediation and inclusion. Specifically, the Program will work with the National Bank of Ukraine and Ukrainian Government on developing a National Financial Inclusion Strategy (NFIS), which would direct efforts towards increased access and usage of financial services in Ukraine. An NFIS is a comprehensive document that will be developed through a broad consultative process involving private and public sector stakeholders based on an international best practice. The Program will also support the NBU in strengthening its financial consumer protection capabilities. The scope of work will include (i) the assessment of financial consumer protection legal and regulatory framework in Ukraine; (ii) assistance with the implementation of the consumer protection strategy of the NBU; and (iii) drafting of a set of key disclosure requirements and recommendations on financial consumer protection based on global best practice. Additionally, the Program will work on financial capability initiatives at the institutional level. In particular, the Program will partner with financial sector players to provide them with special tools to enhance financial capability, improve financial inclusion and influence sustainable behavior patterns among individuals and MSMEs.