RBNZ Urges Greater Efforts to Enhance Financial Inclusion in New Zealand
The Reserve Bank of New Zealand (RBNZ) has called for stronger industry efforts to promote financial inclusion, as approximately 50,000 New Zealanders remain unbanked, according to World Bank data.
While acknowledging positive and innovative initiatives in the sector, the RBNZ emphasized that "more needs to be done "to ensure equitable access to banking services across the country.
In its recent report, the central bank highlighted best practices such as implementing formal financial inclusion strategies, providing robust staff training on inclusion policies, and leveraging data-driven decision-making to improve service delivery.
However, the RBNZ noted areas requiring further improvement, particularly in customer onboarding processes. Greater collaboration between regulators and deposit takers is necessary to streamline access to basic banking services. The report also underscored the importance of enhancing Māori communities' access to capital to foster inclusive economic growth.
"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.
The RBNZ's statement serves as a clear call to action for New Zealand's financial institutions to intensify their efforts, foster innovation, and take a proactive leadership role in addressing financial exclusion.
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