Statistical analysis of the state of the non-banking financial sector of Ukraine under martial law

Abstract

The article examines the current state and key development trends of Ukraine’s non-bank financial sector under martial law. The purpose of the study is to identify structural changes, challenges, and prospects for the functioning of non-bank financial institutions during the crisis, as well as to substantiate directions for strengthening their financial resilience and role in the post-war recovery of the national economy.

The research applies methods of comparative statistical analysis, time series analysis, structural evaluation, and regulatory generalization, which enabled a comprehensive assessment of quantitative and qualitative transformations in the non-bank sector over the period 2021–2024. The empirical base consists of official reports from the National Bank of Ukraine, data from international institutions, and relevant academic literature.

The main findings highlight a more than 50% reduction in the number of non-bank institutions, alongside a 35.1% increase in their total assets. The structure of the sector is shifting toward the dominance of financial companies, while the share of credit unions and pawnshops is declining. Non-bank institutions play a crucial role in ensuring financial accessibility for small businesses and households, especially in regions where traditional banking services are limited due to wartime constraints.

The conclusions justify the need for state support, adaptive regulation, digital transformation, and deeper integration of the non-bank financial sector into Ukraine’s economic recovery strategy. Policy recommendations include strengthening supervisory practices, improving solvency, and expanding the functional scope of non-bank institutions in the post-crisis period.