Reserve Bank of New Zealand calls for increased efforts in financial inclusion

According to the World Bank, around 50,000 New Zealanders remain unbanked.

The Reserve Bank of New Zealand (RBNZ) said that whilst deposit takers have made positive interesting and innovative initiatives, "more needs to be done" to improve financial inclusion in New Zealand. 

Its report identified various good practices in the sector, including having a formal financial inclusion strategy, robust staff training on relevant policies and procedures that support financial inclusion, and data-driven decision-making.

However, the reserve bank said it could improve a more inclusive customer onboarding by increasing collaboration between regulators and deposit takers to support access to basic banking services efficiently. It also stressed the need to support Māori communities' access to capital.

“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,” said Simone Robbers, assistant governor at RBNZ.

According to the World Bank, around 50,000 New Zealanders remain unbanked.