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RBNZ Thematic Review Identifies Opportunities To Enhance Financial Inclusion Practices
The Reserve Bank of New Zealand - Te Pūtea Matua has released a thematic review into how deposit takers support financial inclusion.
Deposit takers are a key player in enabling financial inclusion by providing banking products and services so that people can participate in New Zealand’s economy and society. This review provides an overview of the practices and initiatives deposit takers have introduced to support financial inclusion.
Assistant Governor Simone Robbers praised the efforts of many deposit takers but noted there is room for improvement.
“It was pleasing to see the importance many deposit takers place on financial inclusion through a range of interesting and innovative initiatives. However, more needs to be done across the industry to support a truly inclusive financial system.”
“The World Bank estimates that there are around 50,000 New Zealanders who do not have a bank account[1]. We want to promote a financial system where all New Zealanders have reasonable access to financial products and services.”
The review also identifies some good practices for deposit takers to consider. This includes Boards of entities taking more ownership, providing sufficient expertise and staff training to support inclusion initiatives and incorporating financial inclusion considerations into a range of decision making.
“At the industry level we would like to see the banking sector take greater leadership in recognising the important role they can play in promoting financial inclusion, and how they can support outcomes for communities and society,” Ms Robbers says.
Insights from this review will inform the Reserve Bank’s current and upcoming financial inclusion work on Māori Access to Capital, Access to Basic Bank Accounts, improving the collection and quality of Māori Data, Cash System Redesign and the development of Financial Inclusion Indicators.
More information
- Thematic review on financial inclusion - Reserve Bank of New Zealand - Te Pūtea Matua: https://www.rbnz.govt.nz/regulation-and-supervision/cross-sector-oversight/thematic-reviews/thematic-review-on-financial-inclusion
[1] World Bank Group (2024). Global Financial Inclusion | DataBank (worldbank.org)
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