Investing in the growth of mobile banking and supporting this with dedicated financial literacy training, with a particular focus on making banking more accessible to women, is an important part of creating positive change in communities, contributing to what is known as an institution’s “social license” to operate. That is, the return it provides to a society that encourages communities to allow the institution to continue operating and making profits.
ANZ’s MoneyMinded financial literacy program for adults has now been adapted to include a dedicated mobile banking module, following the recent expansion of mobile phone banking in the country. It is a key example of how an institution can return something to the community (and which of course is in our own interests as well).
Working with our community partners, we hope to bring about a shift in participants’
mindset and behaviour towards managing money and the use of mobile banking. Ten of our ANZ goMoney Sales Agents have been trained to deliver the program, helping us to target new goMoney customers for the mobile banking MoneyMinded training program.
Since 2010 MoneyMinded has been delivered to almost 6,000 people across the Pacific, including over 300 Solomon Islanders.
There is a formal element to this social licence as well: this expansion follows an agreement signed between ANZ and the Australian Government last August to support the increased roll out of mobile banking to remote and rural areas in the Solomon Islands.