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The Good Shop to tackle predatory lenders in Porirua

Press Release – BNZ

News from BNZ
The official launch of the second Good Shop truck on the streets of Porirua this morning marks the next milestone in the programme, run by the Salvation Army and supported by the Bank of New Zealand (BNZ) and other great Kiwi organisations to tackle predatory lending.

The Good Shop takes on the mobile traders who prey on vulnerable communities with inflated prices and high-cost credit. It offers access to practical financial advice, food, and quality household goods available on interest-free loans, supported by BNZ and Good Shepherd NZ.

BNZ CEO Angie Mentis says: “We are so pleased to be able to extend the amazing work being done with The Good Shop to a new region after seeing clear benefits from the communities we are serving in the South Auckland pilot since February.

“The Good Shop is an innovative response and is tackling payday lenders head-on, disrupting their business model and driving them out of these important communities,” says Mentis.

BNZ is committed to facilitating the no-interest lending available from The Good Shop, with a total of $60 million in lending available to support initiatives like this and its Community Finance programme, which it provides with Good Shepherd NZ. Community Finance provides no and low-interest loans through community organisations around the country, and over the last four years has saved people more than $2 million in interest fees.

The first Good Shop hit the road in Manurewa, Auckland, in February and has been in strong demand from the community. The new truck will be out on the streets of East Porirua from today.

The Good Shop is part of BNZ’s Great Things programme of initiatives to help improve the financial wellbeing of New Zealanders through community support, financial wellbeing tools and partnerships.

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