During the full-scale Russian invasion, Ukrainian business suffered significant losses and felt considerable pressure. As a result of rocket and artillery fire, many enterprises were physically destroyed, many workers joined the ranks of the Armed Forces and Terro-defense or left Ukraine. To support its business customers, monobank launched a campaign for them.
“We really want to support our client-entrepreneurs and are sure that the economy of our country rests on entrepreneurs,” said monobank co-founder Oleg Horohovskyi.
Throughout the winter, FPOs can pay with their business cards and receive a threefold increased percentage of cashback. For example, if the normal rate of cashback in a certain category is 1% when calculating with own funds and 0.75% when calculating with credit funds, then when paying with a FOP card, the cashback increases to 3% of the payment amount.
Those who receive miles instead of cashback cannot count on triple miles. But the number of accrued miles also increases when calculating with a FOP card (15 miles per UAH 1,000 spent for platinum card holders and 20 miles per UAH 1,000 spent for iron card holders).
According to Oleg Horohovskyi, in November 2022, about UAH 12 billion was transferred to the FOP accounts at monobank. 78% of these funds were transferred to the personal cards of entrepreneurs. Currently, monobank has open accounts for more than 190,000 FOPs. About 60% of these accounts are actively used.
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Thus, until the end of winter, entrepreneurs may not transfer funds from the FOP account to personal accounts, but pay immediately with the FOP card and receive increased cashback.
It should be noted that previously there was a ban on using funds from the FOP account for personal needs. However, later this norm was abolished. The Tax Service also confirmed that individual entrepreneurs can use the funds from the business account for their needs, but only after paying all taxes, fees and other payments required by law.
