Ukraine’s Power Banking ready for multi-day blackouts, NBU says
Power outage (Photo: REUTERS/Nina Liashonok)
Ukraine’s banking system, through the Power Banking network covering more than 50% of all branches, is capable of withstanding multi-day blackouts, National Bank of Ukraine Governor Andriy Pyshnyy told NV Business in an interview published on Feb. 12.
“As of early February, more than 50% of all bank branches are part of it (against the required 35%) — currently more than 2,410 duty branches in 370 localities,” Pyshnyy said.
This provides room for maneuver at a time when the tests are the most severe.
“I saw this personally on the last day of January, when the country went through a blackout test, and the capital felt its consequences most acutely,” he added.
“Over the weekend I visited several PrivatBank Power Banking branches in Troieshchyna — the microdistrict with the most difficult situation in the city. All but one branch, which temporarily suspended operations due to a burst pipe in the building, were working as announced. Even in that situation there was a logical solution — customers were redirected to the nearest other Power Banking branch.”
The central bank governor also noted that “if one branch temporarily goes offline, another backs it up and the network as a whole does not lose functionality.”
Pyshnyy recalled that the banking system has repeatedly proven it can operate under almost any conditions, even during large-scale attacks on the energy sector.
“Banks have backup communication channels, generators, reserve power and tested business continuity protocols,” the NBU head said.
“The Power Banking network is a separate cluster of the system that ensures a sufficient number of branches capable of operating autonomously even during prolonged power outages and other difficult conditions. In other words, the system is not just resilient on paper — it is resilient in real life.”
In December 2022, systemically important banks, at the initiative of the NBU, united to create a joint banking network called Power Banking.
Branches of this network are designed to continue operating and providing banking services to clients even in critical blackout situations. They are equipped with alternative energy sources and backup communication channels, have enhanced cash collection and additional staff.
During a blackout, Power Banking branches offer access to cash withdrawals at ATMs or over the counter, payments or money transfers, currency exchange and consultations with managers on financial matters.
National ATM roaming has also been introduced at Power Banking branches.
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