Source: Reserve Bank of New Zealand – Te Pūtea Matua
19 October 2026
The Reserve Bank of New Zealand – Te Pūtea Matua (RBNZ) 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.
RBNZ Assistant Governor Financial Stability Angus McGregor says 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,” he says.
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 initiative also establishes a reporting framework so we can measure progress over time,” Mr McGregor says.
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.
“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,” Mr McGregor says.