Access to basic transaction accounts

Results updated 12 Mar 2026

We had feedback from stakeholders across the financial sector, as well as communities and individuals, with 98% agreeing that actions are needed to improve access to transaction accounts. 

Overall, we received 50 submissions from community organisations, deposit takers and members of the public.

Published responses

View submitted responses where consent has been given to publish the response.

Closed 18 Jun 2025

Opened 23 Apr 2025

Contact

financialinclusion@rbnz.govt.nz

Overview

Financial inclusion is an important feature of a financial system that supports economic participation and prosperity.

CoFR developed an issues paper in 2025 that highlighted opportunities to reduce barriers to opening basic transaction accounts. This paper started a conversation on the issue of access to basic transaction accounts with the aim of supporting greater collaboration on the design and delivery of possible solutions. 

Read the issues paper

What happens next

As a result of the consultation, we are progressing a Memorandum of Understanding on Access to Basic Transaction Services. The MoU seeks commitments from the banking sector to serve all New Zealanders, unless they have a recorded reason for declining a customer’s application. 

Entities participating in the MoU will be expected to develop implementation plans and report data on progress. We are also preparing a Practice Note to guide entities on how they can participate in the MoU and adhere to commitments.  

We are now undertaking targeted engagement on the MoU and confirming a coalition of willing parties. It is expected that the MoU will be fully implemented later this year.