The Reserve Bank of New Zealand published a Council of Financial Regulators consultation summary on access to basic transaction accounts and announced it is developing a Memorandum of Understanding (MoU) to address financial exclusion by improving access to everyday banking services. The consultation received 50 submissions and included direct engagement with 22 community groups, financial institutions, fintechs and support services, with 98% of submitters indicating that action is needed. Under the proposed MoU, participating financial entities would commit to providing access to all New Zealand consumers unless there is a compelling reason to decline a basic transaction product, while public sector agencies would commit to clarifying regulatory requirements, coordinating efforts and highlighting best practices. The arrangement would allow firms flexibility in how they improve inclusion, with progress monitored through regular reporting, and would be coordinated by the Reserve Bank with support from the Financial Markets Authority, the Banking Ombudsman, the Retirement Commission and several government departments. The MoU is expected to come into effect later this year.
Reserve Bank of New Zealand2026-03-11
Reserve Bank of New Zealand develops a cross-agency Memorandum of Understanding to widen access to basic transaction accounts
The Reserve Bank of New Zealand is creating a Memorandum of Understanding (MoU) to enhance financial inclusion by improving access to basic transaction accounts. The MoU will involve commitments from financial entities to provide access to all New Zealand consumers, with progress monitored by the Reserve Bank and supported by various regulatory bodies. This initiative follows a consultation indicating strong support for addressing financial exclusion.