Representatives from the international group Qiwi expressed skepticism about whether the Russian arm, QIWI JSC, would be able to retain customer funds after the decision to revoke QIWI Bank’s license. The concerns were reported by Lenta.ru, highlighting worries about the fate of deposits and the overall financial stability of the entity tied to the terminated banking license.
According to the group, all funds held by QIWI Bank would be redirected to the corresponding legal entity. By the close of 2023, those funds had grown to about 25 billion rubles, a substantial reserve that sparked questions about how deposits would be safeguarded during the wind-down process.
Earlier, Qiwi had commented on the license cancellation, noting that it created uncertainties regarding the progression of events and the duration of any liquidation proceedings. The group emphasized that there were no clear indicators of an imminent bankruptcy for QIWI Bank at that time, though the licensing action clearly disrupted normal operations.
On February 21, the Central Bank of Russia revoked QIWI Bank’s license due to serious violations, which led to the immediate closure of the Contact payment system. By February 22, the Bank of Russia had removed QIWI Bank and its Contact system from the register of payment system operators, signaling a formal step in the regulatory action and the severing of the bank’s official status within the payment ecosystem.
In the aftermath, the company DIA announced the creation of a framework to insure deposited funds, aiming to provide reassurance to QIWI Bank depositors that their money would be protected during the transition. The emphasis remained on safeguarding customer funds while regulatory authorities and the associated legal structures navigated the wind-down process. The situation underscored the complexity of transitioning payment services and the importance of transparent, ongoing communication to depositors and stakeholders. [Source: Lenta.ru attribution]