Call for major banks to invest in First Nations community-led hub

Bernadette Angus says a banking hub would help remote residents by providing culturally appropriate services. (ABC Kimberley: Esse Deves) A First Nations financial counselling service is calling on Australia's major banks to collectively invest in an Indigenous-owned and led banking hub in Western Australia's north. The hub would improve banking accessibility and build financial knowledge and resilience. While the proposal would need ACCC approval, financial regulator ASIC says it encourages banks to engage with First Nations communities. Link copiedShareShare articleA remote Indigenous community in Western Australia's north is calling on the country's biggest banks to put competition aside and collectively invest in a First Nations banking hub. The proposal, spearheaded by Djarindjin Aboriginal Corporations (DAC) financial counselling service Goolboo Jawal, aims to improve banking accessibility for 2,000 residents who live across the Dampier Peninsula, 2000km north of Perth, regardless of who they bank with. The banking hub would be based out of Djarindjin and support residents from the four peninsula communities: Djarindjin, Lombadina, Beagle Bay and Ardyaloon (One Arm Point). (ABC Kimberley: Esse Deves) Goolbool Jawal financial counsellor Veronica Johnson said her pitch to CBA, NAB, Westpac and ANZ would improve culturally appropriate banking services and improve financial literacy at a "grassroots level". Ms Johnson said the hub required a "modest" contribution from the banks. "It's not a lot given the billions of dollars the banks make in profit, to give back to the most vulnerable," she said. "I think half a million dollars [in total] would get us started and do a pilot." Veronica Johnson wants ANZ, NAB, Westpac and CBA to invest in a Djarindjin-based culturally appropriate banking hub that would service Dampier Peninsula residents. (ABC Kimberley: Esse Deves) Ms Johnson said the money would allow DAC to train and employ up to three part-time community members, ultimately reducing residents' need to travel to Broome, amid rising fuel prices. "But one has to work with the other because if you can't access your money, then you can't buy the food." Dampier Peninsula residents travel hundreds of kilometres to Broome for face-to-face banking support. (ABC Kimberley: Esse Deves) Ms Johnson said while Indigenous banking hotlines and community outreach visits helped, it was not enough in a "changing world of banking". "Digital [banking] is not exactly appropriate because a lot of the times people may not have the resources," she said. Bernadette Angus says travelling to Broome has become a costly experience amid rising fuel prices and cost of living. (ABC Kimberley: Esse Deves) Bardi Jawi elder Bernadette Angus said speaking to someone she knew and trusted in person would be very beneficial. "It'd be much easier for us, so we can sit and [they can] talk to us mob and look into things that are difficult for the people here." Natasha Fejo says she and her colleagues often provide residents with banking support who are unable to wait for telephone support or travel to Broome. (ABC Kimberley: Esse Deves) Aboriginal health worker Natasha Fejo said she often helped residents with online banking. "That's a big issue … it's hard when you have to go and ask someone to use internet or, the shop has Wi-Fi, but not all people know how to use it," she said. Residents living at each of the Dampier Peninsula communities, including Beagle Bay, would be able to travel to Djarindjin for banking support. (ABC Kimberley: Andrew Seabourne) Beagle Bay community chair Henry Augustine urged the banks to consider the proposal. "We would learn how to use money properly and know what to do with money that may be owing or any money issues." The hub would work similarly to Bank@Post by Australia Post, which allows customers from 70 financial institutions to withdraw cash or check their account at select regional post offices. Due to competition laws, the Goolboo Jawal hub and participating banks would need authorisation from the Australian Competition and Consumer Commission (ACCC). An ACCC spokesperson said it "may grant authorisation where proposed conduct is likely to result in a net public benefit". "Public benefits can include anything of value to the community generally," a ACCC spokesperson said. ASIC said Goolboo Jawal's banking hub proposal was a creative and interesting idea. (ABC News: Dannielle Maguire) Australian Securities and Investments Commission (ASIC) said all banks had an obligation under The Banking Code of Practice to provide inclusive and accessible services to First Nations customers. ASIC Commissioner Alan Kirkland said while some "efforts" had been made by a number of banks to improve banking accessibility, remote customers still faced significant barriers. "Obviously, the advantage of a hub would be to bring together a range of banks in the same place so that regardless of who p

Call for major banks to invest in First Nations community-led hub

Key takeaways

More in international