Ukrainians are increasing their use of cash – analysts from KIT Group and ICU explained the reasons

Despite the active expansion of cashless payments, more and more Ukrainians are returning to cash, especially in currency. And it is not only about everyday household payments, but also about saving money, reports UNN.

According to journalists of the “Minfin” portal, “Ukrainians are increasingly switching to cashless payments, because it is fast, convenient and safe. However, abandoning cash remains a hypothetical scenario. The war has taught us: paper money is not an anachronism, but an important element of financial stability in the face of unpredictable challenges. Especially when it comes to currency”.

Analysts at KIT Group, the largest operator in the currency exchange market in Ukraine, confirm the growing demand for physical money. “In the current reality, at least an operational supply of cash has become an important tool for personal financial security. Its main advantages are mobility, protection against technological failures in banks or cyberattacks on their systems, protection against force majeure, including power outages, communication problems. Cash remains relevant both in everyday life and for responding to life’s challenges – urgent expenses or emergency situations,” explained KIT Group analysts.

This trend is confirmed by official statistics cited by “Minfin” with reference to the data of the National Bank of Ukraine. According to its figures, during 2022-2024, Ukrainians increased the volume of cash foreign currency savings by $38 billion. In January 2025 alone, banks brought $1.769 billion to Ukraine – almost a record monthly figure for the last year. And the volume of cash hryvnia in circulation since the beginning of the full-scale invasion has increased by UAH 192 billion – mainly due to banknotes with a face value of UAH 1,000.

The opinion of KIT Group analysts on the reasons for the growing interest of Ukrainians in cash is confirmed by their fellow financiers and experts.

In particular, financial analyst of the ICU group Mykhailo Demkiv notes: “The full-scale invasion of Russia, its attacks on infrastructure, including hacker attacks, threaten the complete abandonment of cash in favor of more convenient cashless payments. Life has taught us that it is worth keeping a certain amount of money in paper form in case of cataclysms”.

His opinion is supported by Andriy Shevchyshyn, a member of the Ukrainian Society of Financial Analysts: “You should have an amount that is enough for 2-3 months of living on hand, in very liquid positions – cash or in accounts. 60-70% in hryvnia, the rest can be divided between dollars and euros”.

With the growing interest in cash currency, the need for safe exchange is also increasing. According to journalists of “Minfin”, the demand for currency contributes to the development of fraudulent schemes – fake exchangers in rented premises, fake websites and fraudulent Telegram channels. In such conditions, it is important not only to find a favorable rate, but also not to become a victim of fraudsters.

“For currency exchange, you need to choose places that you trust. This, for example, can be done at bank cash desks. Here, the risk of running into scammers is minimal. The same as in reliable exchangers,” emphasizes Andriy Shevchyshyn. – If you have verified that the exchange point has a license, you see that collectors come there periodically, then you can probably trust it,” the expert explained and reminded that using the services of random money changers is a very risky business.

KIT Group specialists, using the example of their activities, explained how a reliable currency exchange operator takes care of the safety of customers, combining digital and physical services: “Our points have video recording, an access control system. Specialists check the authenticity of banknotes on specialized equipment. Of course, they issue receipts for transactions.”