$5m partnership boosts access to regional banking services

Financial mentors and banks are working together to help people in small communities across New Zealand to access banking services. These ‘banking collaborations’ are one of several projects being delivered under a partnership between FinCap and the New Zealand Bankers’ Association, which is funded by NZBA members to the tune of $5 million over five years. The partnership aims to make a real difference for financial mentors and their clients.

Banking collaborations are happening in places from Kawakawa in the Far North to Balclutha in Otago. They are designed by local financial mentoring services to meet the needs of people in their communities. These local initiatives help people do their banking online and provide broader education sessions. In some cases, financial mentors also help people by taking them to a local bank branch.

Wuki Beazley, financial mentor and community educator at the Bay of Islands Budgeting and Community Services Trust says the partnership funding means they’ve be able to help clients across all ages. “An older woman who has been using online banking for a while was still driving 35 minutes to her local branch as she was unable to download bank statements. She can do this herself now, saving herself money and one less issue to stress about.”

“We’ve also helped rangatahi aged between 13 and 15 to apply for bank accounts and set up online banking services. This process is daunting for them because they lack understanding of banking processes, have no transport to the bank, and no devices. Having the ability to support these rangatahi has been rewarding for us all.”