Rural Women NZ welcomes inquiry into rural banking

Rural Women New Zealand (RWNZ) is welcoming today’s announcement that there will be a full Parliamentary Select Committee inquiry into banking competition, focussing on rural banking.

“We know from our members that rural communities are experiencing a range of issues with their banks and that banks are not currently meeting their needs,” RWNZ CEO Gabrielle O’Brien says.

“The range of issues is broad and includes everything from constrained access to lending and high interest rates to the closure of rural bank branches and ATMs.

“Our members are also concerned there’s an over-reliance by banks on digital services as opposed to personal banking services which is leaving rural communities without adequate support. This is especially the case when some rural communities continue to experience poor connectivity,” Gabe says.

“With the food and fibre sector making up 10 per cent of GDP, banks need to support rural communities, farmers and businesses, especially in these tough economic times.

“We look forward to engaging with the Select Committee as part of this important inquiry.”