Submission on Te Moni Anamata – Kaitiakitanga issues paper

In Aotearoa the use of money is essential for the health, wellbeing and social participation of whānau. Effective oversight and action to ensure all can use money confidently is a cornerstone of building financial capability and overcoming hardship in our communities. FinCap welcomes the opportunity to comment on the Reserve Bank of New Zealand’s (RBNZ) Te Moni Anamata – Kaitiakitanga issues paper (Issues Paper).

We consider the Issues Paper promising and strongly recommend that it lead to work that ensures all in Aotearoa have a right to access essential banking services. A functional cash system must be maintained as a safety net to stop absolute exclusion from full social participation but there should also be work to realise a right to essential services and lower chances that whānau are vulnerable to having no choice but using cash in the first place.