Bank of New Zealand (BNZ) has announced it has entered into an agreement with The Salvation Army and other Kiwi organisations to help tackle predatory lending.
The partnership will see The Good Shop hit the streets of South Auckland. The initiative aims to take on the mobile traders who prey on vulnerable communities with inflated prices and high-cost credit. It also offers access to practical financial advice, food, and quality household goods available on interest-free loans, supported by BNZ and Good Shepherd NZ.
The move follows BNZ’s recent decision to boost funding and resourcing for its Community Finance programme, which it provides in conjunction with Good Shepherd NZ.
BNZ’s Community Finance programme has helped people avoid getting trapped in cycles of debt. It committed $60 million in no and low-interest community lending and is now doubling its resources, BNZ CEO Angie Mentis said.
“We all have a responsibility to support our communities, especially the ones that need it the most,” Mentis added. “The Good Shop is about getting out and doing exactly that – taking on these mobile traders and lenders head on.”