Urban and rural economic and social divides

Our approach

Helping reduce the economic and social divides that exist between urban and rural regions is a significant priority for governments and communities in many Asian and Pacific markets where we operate.

There is much we can do to help bridge these divides, such as providing fair, safe and affordable products and services, particularly among the unbanked and under-banked.

We are working with governments, multilateral and community organisations in a number of markets to improve financial capability and inclusion among under-served and rural communities - at the same time developing new markets and customers.

2012 targets

Each year we set public targets and report progress on a business-wide program of work to bridge urban and rural social and economic divides.

For 2012, these are:

  • Implement mobile phone banking in Papua New Guinea, Vanuatu, Samoa and Solomon Islands in 2012, then in Timor Leste in 2013
  • Launch the Pacific Money Transfer Card to enable cost effective remittances and sign up 2800 customers
  • Support the operation of Microfinance Institutions through measures including lending and placement of skilled volunteers.

About our flagship initiatives

Supporting economic development in rural China

We continue to build and strengthen our presence in the county of Liangping, West China, by improving access to basic banking services and sharing our banking knowledge and expertise to contribute to development in this community.
Banking the Unbanked

Banking the Unbanked is a rural banking business initiative that delivers basic, affordable and reliable banking services to some of the most remote and needy communities.
Supporting nation building in Timor-Leste

We have provided a letter of credit facility to the Timor-Leste Government which will be used to support the construction of a much needed dual-fired (liquefied natural gas and heavy oil) power plant – which will provide thousands of people living in isolated areas with access to electricity for the first time.

We are also supporting two- Timor-Leste micro financial institutions, Moris Rasik and Tuba Rae Metin, by providing funding and non-funding assistance.

Our flagship programs are informed by ongoing research into the impact of banking services in contributing to rural development and social and financial inclusion. We also use research to evaluate the effectiveness of our programs.

For example, the Financial Capability, Financial Competence and Wellbeing in Rural Fijian Households study (conducted by the United Nations Development Program Pacific Centre in conjunction with Massey University, and the National Centre for Small and Micro Enterprise Development) measured the financial skills of rural Fijian villagers and used our Banking the Unbanked program as a case study to illustrate how providing banking services creates greater financial inclusion and prosperity for people living in remote locations.

Among its findings, the study found that the combination of financial literacy and access to reliable financial services has a direct impact on helping to lift communities out of poverty. Villagers who have access to banking services and financial education are more likely to have funds to re-invest in their farm or business, which has a positive impact on family wellbeing.

 

2011 highlights

  • We have become the leading microfinance provider in Fiji, and have grown our micro-loans to small rural business customers by 29% this year. Additionally, in Fiji, deposits through our rural banking business have grown by 5% over the financial year, and we now provide rural banking services to over 70,000 depositors who would otherwise have no access to a bank.
  • Through our support of two Timor-Leste micro finance institutions (MFIs), Moris Rasik and Tuba Rae Metin, we have helped to deliver micro-savings and group loans to over 19,000 people living in poverty – mainly women in rural areas.
  • ANZ goMoney was successfully received in Australia with more than 425,000 people actively using the application. ANZ goMoney has now been introduced in New Zealand and was recognised in the 2011 Finance Asia Awards for banking innovation.
  • In Australia and New Zealand we waived approximately $64.6 million in fees for ANZ Community Banking Account holders.
  • More than 4,000 farmers have benefited from our Liangping (pomelo) industry training program since it was launched two years ago. This provides farmers with advice on business management, marketing, and plantation and cultivation skills, with practical sessions on how to improve yields.