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“We lost this battle” – today Monobank has reduced cashback by 25% on an ongoing basis

Co-founder of the Ukrainian Monobank Oleg Gorokhovsky confirmed that from December 1, the virtual bank was forced to reduce cashback on an ongoing basis.

Prior to this, the international payment systems Visa and Mastercard have reduced the rate of interstate interbank commissions in Ukraine to the level of 1.2% since November 26. Further reductions in interchain marginal rates will take place in July 2022 and 2023. From July 1, 2022, rates will be reduced to 1%, from July 1, 2023 – to 0.9%.

We lost this battle for clients … I am very sorry that this is happening. And I sincerely hope that at least someone other than large retail chains will benefit from this. Believe me, we fought against this decision to the last, so we are ardent opponents of any form of state intervention in the economy and non-market regulation. It is a little reassuring that in return the large traders (in the heat of the fight with us) promised to reduce the cost of goods, and we are waiting with you when everything around becomes cheaper.

Oleg Gorokhovsky

The size of the cashback from the bank and bonus miles has been reduced by 25%. The change did not affect the cashback categories from Monobank partners.

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