The Framework for financial competences of entrepreneurs and micro- and small businesses in Ukraine became public

An interagency working group comprising experts from the National Bank of Ukraine, the Deposit Guarantee Fund, the National Securities and Stock Market Commission, the Entrepreneurship and Export Promotion Office, and the Ministry of Education and Science of Ukraine prepared the Framework for financial competencies of entrepreneurs and micro- and small businesses in Ukraine (the “Framework”).

“The ability to make sound financial decisions is one of the key prerequisites for business sustainability and growth. It is important for an entrepreneur not only to create a competitive product or service, but also to be able to manage finances, choose the right financial instruments, assess risks, and plan for growth. This framework systematizes the financial competencies needed by Ukrainian entrepreneurs at various stages of business development. It is important to us that this framework serve as a practical foundation for creating high-quality educational products for entrepreneurs and helps them make informed financial decisions, increase the resilience of their own businesses, and, consequently, the resilience of the Ukrainian economy,” said Andriy Pyshnyy, Governor of the National Bank of Ukraine.

The Framework is a guide for developing financial literacy among entrepreneurs

The Framework is a comprehensive system of financial competencies necessary for starting, operating, growing, and securing the financial stability of a business. The document was developed as part of the implementation of the National Strategy for Financial Literacy Development until 2030, in which entrepreneurs are identified as one of the key target groups.

Research also confirms the need for the systematic development of the financial competencies of entrepreneurs. According to the results of a study on the state of the business community in Ukraine, conducted in March 2025, 71% of small and medium-sized business owners feel they need additional knowledge in financial management. Among the most pressing areas are business financial resilience (53.2%), investment in growth (47.2%), cash flow management (41.3%), and risk management (37.7%).

The Framework enables individual entrepreneurs of all categories, self-employed professionals, owners and managers of micro- and small businesses, as well as aspiring entrepreneurs, to use it for self-assessment, to identify gaps in their own competencies, and to determine areas for further learning.

The document is based on best international practices

In developing the Framework, the international OECD/INFE Core Competencies Framework on Financial Literacy for MSMEs (2018) was used as a basis; it was supplemented and adapted to the Ukrainian economic, regulatory, and institutional context, as well as to the specific challenges of operating under martial law.

The Framework consists of four substantive sections:

● Choosing and using financial services — basic financial services for businesses, business financing, and financial security when using financial services;

● Financial and business management and planning — registration and taxation, record-keeping and accounting, short-term financial management, and medium- and long-term planning;
● Risks and insurance — personal and business risks, insurance, financial and operational risk management, as well as a separate, temporary set of competencies related to war risks;
● Financial landscape – the impact of external factors, financial protection for entrepreneurs, financial information, education and consulting, financial monitoring and compliance, charity work, and social entrepreneurship.

Each competency in the Framework is examined across three dimensions: awareness, knowledge, and understanding; skills and behavior; and attitudes. At the same time, the document recognizes that an entrepreneur’s needs change as the business evolves, so the competencies are aligned with the various stages of its development.

“In line with global best practices, the Framework provides a common reference point for the state, the financial sector, educational organizations, and entrepreneurs themselves, as well as the opportunity to develop a systematic approach to financial education for businesses. After all, the financial resilience of the business community begins with an understanding of risks and the ability to manage them. Entrepreneurs must not only know what financial instruments are available, but also understand the mechanisms for protecting their funds, assess risks, and be prepared for crisis situations,” — said Olga Bilay, Executive Director of the Deposit Guarantee Fund.

Practical direction and interactive format

The Framework is practical in nature and can be used by government agencies, educational institutions, business schools, nonprofit organizations, business associations, incubators, accelerators, coaches, and consultants to develop and improve financial education programs for entrepreneurs.

“For an entrepreneur, the capital market is not just a bank loan, but an opportunity to raise capital through shares, bonds, or investment funds. However, one can only make use of this resource by understanding the relationship between return and risk and by making investment decisions responsibly. The Framework establishes precisely this kind of comprehensive approach: from a basic understanding of financial services to the competencies needed to enter the capital market, attract investment, and scale a business activity,” said Oleksii Semeniuk, Chairman of the National Securities and Stock Market Commission.

For ease of use, the Framework has an interactive version that allows users to filter competencies by business development stage, select them based on specific goals, conduct self-assessments on specific topics, and create personalized development plans.

“Business growth changes the demands placed on entrepreneurs. As a company grows, new financial challenges arise, and with them comes the need for new knowledge and competencies. Working with businesses on a daily basis, we see these dynamics in practice. The Framework helps structure financial competencies and better navigate them at various stages of development,” — noted Andriy Talama, Director of the Entrepreneurship and Export Promotion Office.

The Framework is expected to serve as a methodological foundation for improving educational programs and developing new learning products for entrepreneurs, as well as tools for assessing their financial competencies. The Framework is a “living document” and may be further refined based on user feedback, changes in the regulatory environment, and the emergence of new financial instruments.

The Framework for financial competencies of entrepreneurs and micro- and small businesses in Ukraine is available at this link.

Document of the Framework (PDF)

Competency selection tool (Excel)