FinCap submission on keeping cash local

FinCap welcomes the opportunity to comment on the Reserve Bank of New Zealand Te Pūtea Matua 
(RBNZ) Keeping cash local – public consultation paper (Consultation Paper).

We strongly support the RBNZ intervening to ensure access to cash at no charge to communities. We also agree with the direction of the proposal to carry this out.

Our submission to the 2022 consultation included the recommendation that ‘the cash system needs improving to ensure that it is accessible for all and can be used in the manner necessary and conducive to the wellbeing of whānau facing hardship.’

Financial mentor feedback also suggested some access challenges that could be strengthened to be addressed more clearly in the proposal. Such as a minimum standard of availability of staff to help those who have difficulty using the proposed cash infrastructure and any linked banking services. 

Access to transaction bank accounts with appropriate features are also essential. Initiatives to improve access should also provide clearer information and processes to help people understand what they need to do.