According to Experts.news, Ukrainians’ total debt to microfinance organizations (MFOs) reached 32.32 billion UAH as of July 1, 2026, an increase of 17%—or 4.7 billion UAH—since the beginning of the year. At the same time, the number of court cases filed by the largest players in the microcredit market rose significantly in 2026, according to data from the analytical service “OpenDataBot” published on September 1 and October 28.
According to statistics from the National Bank of Ukraine, during the first half of 2026, the population entered into 4,196,309 contracts with microfinance organizations totaling 37.5 billion UAH.
At the same time, the number of loans issued did not change significantly compared to last year and amounted to approximately 700,000 contracts per month.
The main change is related to an increase in the average loan amount.
In the second quarter of 2026, it reached 9,170 UAH, compared to approximately 6,290 UAH during the same period in 2025. Thus, the average microloan increased by nearly one and a half times.
At the same time, the total debt of the population to MFIs continued to grow.
As of the end of 2022, microloan debt stood at approximately 8 billion UAH. However, starting in 2023, this figure began to rise, exceeding 32 billion UAH by mid-2026.
The growth in lending volumes has been accompanied by an increase in revenue for the largest microfinance companies.
According to OpenDataBot, the combined revenue of Ukraine’s ten largest MFIs for January–June 2026 totaled 12.78 billion UAH, while their combined profit amounted to 1.16 billion UAH.
“Ukr Credit Finance,” operating under the CreditKasa brand, took first place in terms of revenue with 1.99 billion UAH. The company’s profit amounted to 172.6 million UAH.
“E Groshi” took second place in revenue among MFOs with 1.85 billion UAH, while “Spotzhyvchyi Tsentr,” operating under the “ShvydkoGroshi” brand, took third place with 1.52 billion UAH.
At the same time, “Spotzhyvchyi Tsentr” was the most profitable company among the top ten MFOs, with a profit of 361.3 million UAH for the first half of the year.
According to the ranking of corporate plaintiffs published on October 28, “Ukr Credit Finance” also ranks first in Ukraine in terms of the number of new court cases.
In the first half of 2026, 80,421 cases were filed based on its claims, compared to approximately 23,000 for the entire year of 2025.
“Consumer Center” ranks second with 68,076 cases, which is 36% more than in the full previous year.
Thus, the two companies, which are among the largest players in the microcredit market in terms of financial indicators, have also become leaders in the number of court cases filed.
Vasyl Krat, a judge on the Supreme Court of Ukraine, attributes the high number of credit disputes, in particular, to the lack of a fully-fledged out-of-court mechanism that would simultaneously ensure the collection of legitimate debts and protect citizens from excessive interest rates.
He also draws attention to the financial difficulties faced by the population amid a full-scale war, when the loss of income and property increases the need for short-term loans but simultaneously limits the ability to repay them.
At the same time, debt indicators and the number of court cases cannot be directly equated.
MFI statistics reflect borrowers’ aggregate financial obligations as of a specific date, whereas the ranking of corporate plaintiffs takes into account the number of pending court cases. It does not include data on the amounts of claims, their resolution, or the amounts actually recovered.
Furthermore, the study does not establish a direct cause-and-effect relationship between the growth in debt to MFIs and the number of lawsuits filed against specific companies.
At the same time, the combination of an increase in the average size of microloans, total household debt, and creditors’ litigation activity indicates the growing significance of the consumer debt problem for Ukraine’s financial market.
Microfinance organizations are participants in the non-bank financial market and primarily provide short-term consumer loans to the public. The National Bank of Ukraine regulates and supervises their activities.
Sources: “OpenDataBot,” microcredit statistics as of September 1, 2026; “OpenDataBot,” ranking of corporate plaintiffs as of October 28, 2026; Supreme Court of Ukraine, commentary on interest rates on consumer loans.
The international financial service “NovaPay” (TM NovaPay, issued by NovaPay Credit LLC) has registered and begun sales of its 16th issue of Series “P” corporate bonds with a face value of 200 million UAH.
According to the company’s press release, the 16th issue consists of 200,000 registered interest-bearing corporate bonds with a face value of 1,000 UAH each.
The interest rate on the “P” series bonds is 18% per annum, and maturity is scheduled for September 10, 2029.
The company emphasized that it plans to use the raised funds to further develop lending to individuals and businesses.
“For us, this is an effective tool for raising funds to develop our business, and for investors, it’s an opportunity to diversify their savings and earn additional income,” noted László Udut, NovaPay’s head of treasury, in the press release.
According to data from the financial service, more than 8,500 customers became bondholders, while total sales exceeded 5.1 billion UAH.
NovaPay noted that it had redeemed three bond issues with a total face value of 300 million UAH. These include Series “C” (maturing in September 2025), Series “A” (maturing in April 2026), and Series “B” (maturing in July 2026).
NovaPay was founded in 2001 as an international financial service provider, part of the Nova Group (“Nova Poshta”), and offers financial services both online and offline at “Nova Poshta” branches. In 2023, the company became the first non-bank financial institution in Ukraine to receive an expanded license from the NBU, which allowed it to open accounts and issue cards.
In July, the National Securities and Stock Market Commission registered NovaPay’s 15th issue of “O” series bonds with a face value of 200 million UAH. In early June, the company announced the full placement of its 14th “N” series issue of the same volume.
Based on the results of the first half of 2026, NovaPay Credit increased its net profit 3.2-fold compared to the same period in 2025—to 172.01 million UAH—and its revenue 2.2-fold, to 586.42 million UAH.
The company’s equity as of the end of June stood at 688.5 million UAH, compared to 516.5 million UAH at the beginning of the year, while liabilities totaled 1.69 billion UAH, compared to 1.37 billion UAH.
The company’s proceeds from bond sales during this period rose to 693 million UAH from 355.63 million UAH a year earlier, while expenses related to their redemption increased to 578.80 million UAH from 244.92 million UAH, respectively.
OTP BANK JSC and the Ukrainian company Unisolar have entered into a partnership agreement to finance solar energy projects for businesses with a starting interest rate of 0.01% per annum. The program provides loans for the installation of solar power plants and the implementation of energy solutions aimed at increasing the energy independence of Ukrainian businesses.
According to a press release, the partnership will allow businesses to receive comprehensive solutions that include design, equipment supply, installation, and financing of energy facilities.
Under the terms of the program, loans will be provided in hryvnia for a term of up to 84 months, or seven years. During the first seven months, the interest rate will be 0.01% per annum, and starting from the eighth month, a compensatory rate of 7% per annum will apply.
Preferential terms will apply under the state program “Affordable Loans 5-7-9%,” provided the borrower meets its requirements. The loan may be secured by the equipment purchased with the financing.
Unisolar specializes in the construction of solar power plants, energy storage systems, and automated energy consumption management systems. The company also provides insurance, maintenance, and technical support for completed projects.
According to the company, over more than 16 years in the renewable energy market, Unisolar has completed over 300 projects with a total capacity of more than 350 MW in Ukraine, Moldova, and Lithuania.
The launch of the new program comes amid growing demand from Ukrainian businesses for their own power sources. Due to the risks of damage to centralized energy infrastructure, businesses are increasingly investing in solar power plants, energy storage systems, and backup power supplies.
The ability to secure long-term loans allows companies to spread investment costs over several years and reduce the initial financial burden during the implementation of energy projects.
OTP BANK is also developing partnership programs with other companies to finance energy-efficient solutions. In particular, in 2026, the bank announced a partnership with ALTEK, Freedom Energy Ukraine, and DELA ENERGY to provide loans for business energy projects.
OTP BANK JSC is a Ukrainian commercial bank that is part of the international OTP Group, headquartered in Hungary. The bank provides services to corporate and retail clients, including business lending, payment and cash management services, deposit products, trade finance, and investment services. The OTP Group operates in the banking markets of Central and Eastern Europe.
Tether, the issuer of the world’s largest stablecoin, USDT, has launched StableFund, a private credit investment fund, in partnership with the asset management firm Fasanara Capital, according to Fixygen.
The fund’s initial capital amounts to $400 million, provided by Tether and Fasanara. Going forward, the partners intend to raise up to $3 billion in institutional capital from third-party investors.
StableFund will provide loans primarily to small and medium-sized enterprises that face difficulties in securing bank financing. According to the project organizers’ estimates, the global funding gap for small and medium-sized businesses amounts to approximately $5.7 trillion.
Tether and Fasanara estimate the global private credit market itself at roughly $3 trillion, and it could grow to $5 trillion by 2029.
A key feature of the project is the use of stablecoin infrastructure to finance companies in the real economy. This means that USDT is gradually moving far beyond its traditional role as a settlement instrument for crypto exchanges.
For Tether, this marks a continuation of its business diversification. The company is already investing in government bonds, gold, Bitcoin, energy projects, artificial intelligence, and telecommunications.
The launch of StableFund demonstrates a new market trend: the largest stablecoin issuers are beginning to transform from infrastructure companies in the crypto sector into full-fledged financial intermediaries.
For USDT itself, this also potentially creates an additional source of real demand—the use of the stablecoin not only for crypto trading and international money transfers, but also for business lending.
The National Bank of Ukraine (NBU), based on the companies’ own applications, revoked the operating licenses of Forward Finance LLC, Statuscapital LLC, and Garonna Financial Company LLC and removed them from the State Register of Financial Institutions, the regulator announced on Friday.
The licenses granted the right to provide funds and precious metals on credit, as well as to engage in factoring.
The decision to revoke the licenses and remove the companies from the registry was adopted by the Committee on Supervision and Regulation of Nonbank Financial Services Markets on September 3.
According to the NBU, in the first half of 2026, LLC “FC Forward Finance” earned 518.84 million UAH in revenue from providing financial services and 48.5 thousand UAH in net profit. Statuscapital LLC generated 5.12 million UAH in revenue from financial services and 708,800 UAH in net profit, while
FC “Garonna” LLC ended the first half of the year with a loss of 2.94 million UAH.
The National Securities and Stock Market Commission (NSSMC) has registered the 16th issue of Series “P” bonds by the international financial service NovaPay (TM NovaPay), part of the Nova Group, issued by its subsidiary “NovaPay Credit,” with a face value of 200 million hryvnia, according to the bond prospectus.
It is noted that the issue involves the placement of 200,000 registered, interest-bearing, unsecured bonds with a par value of 1,000 UAH each. The interest rate on these bonds will be 18% per annum.
The public offering of the bonds is scheduled to run from September 4, 2026, to August 3, 2027, provided the prospectus remains in effect. The bonds will be offered for listing on the “Perspektiva” stock exchange. “Univer Capital” LLC has been appointed as the administrator for the “R” series issue.
The company plans to use the proceeds from the offering for lending: 80% to individuals and 20% to legal entities.
Redemption of the bonds is scheduled for September 4–10, 2029.
As previously reported, in July, the National Securities and Stock Market Commission (NSSMC) registered NovaPay’s 15th Series “O” bond issue with a face value of 200 million UAH. In early June, the company announced the full placement of its 14th Series “N” issue of the same volume.
Based on the results for the first half of 2026, NovaPay Credit increased its net profit 3.2-fold compared to the same period in 2025—to 172.01 million UAH—and its revenue 2.2-fold, to 586.42 million UAH.
The company’s equity as of the end of June stood at 688.5 million UAH, compared to 516.5 million UAH at the beginning of the year, while liabilities totaled 1.69 billion UAH, compared to 1.37 billion UAH.
The company’s proceeds from bond sales during this period rose to 693 million UAH from 355.63 million UAH a year earlier, while expenses related to their redemption increased to 578.80 million UAH from 244.92 million UAH, respectively.
