What is Akahu? Open Banking in NZ Explained
How Akahu connects apps to your NZ bank account, why it's safe, and what it means for personal finance in New Zealand.
If you've looked at any NZ fintech app recently, you've probably seen "Powered by Akahu" or "Connect via Akahu." But what is it, and is it safe to give a third party access to your bank?
What is Akahu?
Akahu is New Zealand's open banking platform. It provides a secure bridge between your bank account and third-party apps — like a translator that lets apps read your transaction data without having your login credentials.
Think of it like how you use "Sign in with Google" for websites. You're not giving the website your Google password — Google handles the authentication. Akahu works the same way for banking.
How does it work?
1. You choose to connect a bank in an app (like Steady) 2. Akahu redirects you to your bank's login page 3. You log in directly with your bank (the app never sees your password) 4. Your bank authorises read-only access to Akahu 5. Akahu passes your transaction data to the app
The important part: read-only access. Akahu (and the apps using it) can see your transactions and balances, but cannot move money, make payments, or change anything in your account.
Which banks does Akahu support?
As of 2026, Akahu supports all major NZ banks: - ANZ - ASB - BNZ - Kiwibank - Westpac - TSB - The Co-operative Bank - Heartland Bank - And several others
Is it safe?
Akahu is regulated by the Financial Markets Authority (FMA) and holds an FSP (Financial Service Provider) registration. They use bank-grade encryption (256-bit TLS) and are independently audited.
Key safety points: - Your bank login credentials are never stored by Akahu or the apps - Access is read-only — no one can move your money - You can revoke access at any time through Akahu's dashboard - Data is encrypted in transit and at rest - Akahu complies with the NZ Privacy Act 2020
Why does this matter?
Before Akahu, the only way to get your bank data into an app was to manually export CSVs or (worse) share your login credentials. Open banking makes it possible to build tools that actually help you manage money — automatically, securely, and in real time.
For apps like Steady, Akahu is what makes automatic categorisation, real-time safe-to-spend calculations, and AI-powered questions possible. Without it, you'd be back to typing transactions into a spreadsheet.
The future of open banking in NZ
New Zealand is behind Australia and the UK on open banking regulation, but catching up fast. The Reserve Bank and MBIE are working on a formal Consumer Data Right (CDR) framework. When that arrives, even more innovation will be possible — think instant loan comparisons, automatic savings optimisation, and personalised financial advice.
For now, Akahu is the bridge that makes modern personal finance apps work in NZ.