Wellington; October 2026: Reserve Bank Of New Zealand - Assistant Governor Financial Stability Angus McGregor has announced that the Central Bank of the country has brought together public and private sector organisations to sign a Memorandum of Understanding (MoU) aimed at supporting access to basic transaction services in New Zealand. The initiative intends to build a better understanding of barriers some individuals face in accessing basic transaction services. It provides illustrative examples that entities may consider to help more individuals access these services. It also establishes a framework for entities and agencies to monitor progress, exchange views, and consider further approaches.
“Without access to transaction services people can be excluded from employment, government services, digital commerce and broader financial opportunities. This MoU signals a commitment from public sector agencies and industry to reduce financial exclusion in New Zealand. The initiative also establishes a reporting framework so we can measure progress over time. We have worked closely with Participating Entities and Agencies in developing the MoU, the Practice Note and the Data Reporting Template, and would like to thank them for their constructive approach and commitment to improving inclusion outcomes”, Angus McGregor asserted.
Participation in the MoU is voluntary. It sets out non-binding commitments for Participating Agencies and Entities, including development of an implementation plan. It is intentionally designed to enable each participant to determine the best ways to meet the intent of the MoU. Participating Entities remain responsible for their own decisions about taking on customers and for meeting all relevant legal and regulatory requirements.
The Practice Note accompanying the MoU is designed to help participating organisations develop and refine their implementation plans, with examples of options and issues they may wish to consider. The Practice Note is illustrative, non-binding and not exhaustive. The published list of signatories shows the organisations taking part at launch. Other providers of basic transaction services and public sector agencies may join the framework in future.
It is of utmost importance to mention that access to the basic transaction services is very much quinossential for those who are facing the challenges when opening or maintaining access to basic transaction services. These barriers may arise for a range of reasons, including:
·Disability;
·language barriers;
·family or domestic violence;
·financial hardship;
·lack of standard identification documents;
·previous involvement with the justice system.
The initiative is intended to support and facilitate improved understanding of these barriers and consideration of approaches that may help improve access to basic transaction services.
The Access to Basic Transaction Services initiative is supported by 3 key documents.
Memorandum of Understanding - The Memorandum of Understanding establishes a voluntary and non-binding framework for Participating Entities and Participating Agencies to support access to basic transaction services.
This MoU supports Recommendation 14 of the Commerce Commission’s Market Study into Personal Banking Services, which states that “industry should cooperate to make basic bank accounts widely available”. This is also consistent with section 3(b) of the RBNZ Act 2021 “to promote the prosperity and well-being of New Zealanders and contribute to a sustainable and productive economy”.
This MoU is a statement of intent and does not create legally binding obligations with the exception of section 9 (Confidentiality and security of information), which does create legally binding obligations as between Participating Parties. The Participating Parties commit to upholding the spirit and intent of this MoU and to acting in good faith.
Practice Note - The Practice Note provides non-binding, illustrative options and considerations that Participating Entities may consider when developing and implementing their approaches.This MoU is supported by a Practice Note that provides illustrative options and relevant considerations for a Participating Entity to support the development of its implementation plan.
The Practice Note is not designed to be prescriptive, and Participating Entities retain overall discretion in relation to their own basic transaction services.
The Practice Note may be amended by RBNZ from time to time following consultation with all Participating Parties, provided that any amendments to the Practice Note remain consistent with this MoU and do not materially increase any Participating Entities’ obligations or impose new obligations on Participating Entities, unless agreed in accordance with section 13
Data Reporting Template - The Data Reporting Template supports monitoring and reporting on implementation and progress under the framework.This data reporting template has been developed pursuant to Section 5.1.4 of the Memorandum of Understanding on Access to Basic Transaction Services (MoU). Its purpose is to collect information from Participating Entities on their practices and processes as well as barriers relating to access to basic transaction services, in order to understand progress toward reducing financial exclusion in New Zealand. A Participating Entity is to complete the template to the extent practicable, on a best endeavours basis, using information available through its existing systems, processes, and record-keeping arrangements.
The data collected will be used to support the RBNZ’s monitoring, reporting, and analysis of financial inclusion and access to basic transaction services. Any information included in external reporting will be anonymised, aggregated, and non-attributable to individual Participating Entities, unless otherwise agreed in writing by the relevant Participating Entity. The RBNZ will coordinate with Participating Parties prior to the external publication of aggregated findings.
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