Dosh applies to become New Zealand’s first locally owned, digital-only bank

Tuesday, 6 August 2024

This month Dosh has applied to become a registered bank in New Zealand.

The motivation in taking this step is that Dosh believes New Zealand consumers deserve competitive banking services which meets their needs. If the application is successful, Dosh will become New Zealand’s first locally owned, digital-only bank.

The digital-only service enables Dosh to achieve new efficiencies for banking consumers, creating a downward pressure on financial product pricing and enabling a more convenient user experience.

Built on the latest technology, Dosh is also well placed to bring the benefits of emerging technology, such as AI, to consumers.

Dosh strives to bring Kiwis the world’s best digital solutions to maximise their financial wellbeing, and to enable a step-change in financial services for future generations.

Although there’s no timeline to becoming a registered bank, Dosh says “We look forward to working with the Reserve Bank of New Zealand on our application.”

Since 2021, Dosh has been working on providing New Zealand’s digital generation with leading financial services. The company begun by offering instant payments with just a mobile number, the first to land in New Zealand. Dosh quickly evolved into providing a range of financial services including the Dosh Visa Debit Card, earning users 1% cashback on all eligible spend.

Then in 2023, Dosh launched sub accounts (called Stashes) and Strive Savings accounts. Dosh Strive Savings accounts currently offer an interest rate of 5.10% p.a.* And so far this year, they have released the Dosh Personal Loan, with home loans coming soon.

Dosh is the app that helps you spend, save and borrow. Download Dosh from your favourite app store now.

*Interest rate is correct at time of publication and is subject to change.