The Ministry of Digital Transformation and the Deposit Guarantee Fund are working on a new service in Diia - depositors of failed banks will be able to apply for deposit compensation in a few clicks.

Mykhailo Fedorov, Deputy Prime Minister for Innovation, Education, Science and Technology and Minister of Digital Transformation of Ukraine, and Svitlana Rekrut, Managing Director of the Deposit Guarantee Fund, held a joint briefing and signed a memorandum of cooperation.

The teams of the Fund and the Ministry of Digital Transformation are working on a new service in Diia. Soon, Ukrainians will be able to apply for deposit compensation in a few clicks, check how much they are due, and receive funds to their existing or new account in one of the Fund's agent banks.

"Even in the midst of a full-scale war, we continue to build the most convenient state in the world. We plan to digitise 100% of the most popular public services by the end of the year. Our team is currently working on dozens of new services. One of them is the reimbursement of funds to depositors of failed banks. Today, this includes 1.4 million accounts of Ukrainians worth about UAH 3.2 billion. Cooperation with the Deposit Guarantee Fund will enable Ukrainians to get their money back in a few clicks. It will be done without paperwork and visits to the bank. It will be a convenient and fast service. We are currently working on the service in Diia and it will soon be launched for all depositors," said Mykhailo Fedorov.

Deposits of individuals, including individual entrepreneurs, in all Ukrainian banks are protected by the Deposit Guarantee Fund. If any of the banks goes bankrupt, depositors receive a guaranteed compensation in the amount of the full amount of their deposits and accrued interest.

"The availability of guarantees for individual deposits in case of bank failure is one of the foundations on which Ukrainians' confidence in the banking system is based. Since its inception, the DGF has paid out over UAH 103 billion in compensation to Ukrainians, including UAH 7.6 billion during the period of russia's full-scale invasion. It is important for the DGF not only to pay out funds without question under any circumstances, but also to make this process as comfortable as possible for depositors. To this end, a year ago we launched the remote payment format, which is now being implemented by four of our agent banks. And today we are already testing a service that will simplify the procedure for depositors to receive their money from the DGF through the Diia app," said Svitlana Rekrut.

Last April, the Verkhovna Rada passed a law guaranteeing Ukrainians 100% compensation of all deposits during martial law and three months after its termination. After that, the guaranteed amount of deposits will be UAH 600,000 for one depositor in one bank.