RBNZ review highlights gaps and opportunities in financial inclusion efforts
The Reserve Bank (RBNZ) has released a thematic review highlighting how deposit takers support financial inclusion across the country.
While many initiatives are already in place, the review emphasised the need for stronger industry-wide efforts to ensure all New Zealanders have access to essential financial services.
Assistant Governor Simone Robbers (pictured above) acknowledged the positive strides made but pointed out opportunities for improvement.
“It was pleasing to see the importance many deposit takers place on financial inclusion through a range of interesting and innovative initiatives,” Robbers said. “However, more needs to be done across the industry to support a truly inclusive financial system.”
Challenges in financial access
Despite existing efforts, financial exclusion remains a challenge. The World Bank estimates that approximately 50,000 New Zealanders do not have a bank account, limiting their participation in the economy and society.
Robbers stressed the need for a more inclusive financial system:
“We want to promote a financial system where all New Zealanders have reasonable access to financial products and services,” she said.
Key recommendations for deposit takers
The review outlines practical steps for deposit takers to enhance their financial inclusion practices:
- Boards should take greater ownership of inclusion initiatives.
- Invest in staff training and expertise to support inclusion programs.
- Embed financial inclusion considerations into broader decision-making processes.
At an industry level, RBNZ is encouraging the banking sector to show greater leadership.
“We would like to see the banking sector take greater leadership... and support outcomes for communities and society,” Robbers said.
Future focus: Building an inclusive financial system
RBNZ’s findings will guide its ongoing financial inclusion efforts, which include:
- Improving Māori access to capital
- Enhancing access to basic bank accounts
- Strengthening the collection and use of Māori data
- Supporting the cash system redesign
- Developing financial inclusion indicators to track progress.
This review marks a significant step toward creating a fair and accessible financial system for all New Zealanders, ensuring that no one is left behind in the country’s economy.
Read the RBNZ media release here. For more information, read "Thematic review on financial inclusion - Reserve Bank of New Zealand - Te Pūtea Matua".
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