What is Akahu? Open Banking in NZ Explained

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. For a broader look at open banking, see our guide on what open banking means for NZ.

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

See our NZ bank accounts comparison to find the right bank for you.

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. For more on data security, read how Steady protects your financial data.

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 spending tracking, 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. See how it works with Steady.

Frequently Asked Questions

What is Akahu and is it safe?

Akahu is New Zealand's leading open-banking provider, regulated by the Financial Markets Authority. It connects fintech apps to your bank securely without ever seeing your password. The connection is read-only — apps cannot move money — and you can revoke access anytime.

Which NZ banks does Akahu support?

All major banks: ANZ, ASB, BNZ, Kiwibank, Westpac, plus TSB, The Co-operative Bank, SBS, Heartland, and most credit unions. Coverage extends to KiwiSaver providers, investment platforms (Sharesies, Hatch, InvestNow), and crypto exchanges.

How is Akahu different from screen scraping?

Older apps used "screen scraping" — they stored your bank password and logged in as you. That method violates most banks' terms of service and is far less secure. Akahu uses official open-banking APIs and tokens, which is safer and bank-approved.

Can Akahu access my bank password?

No. You authenticate directly with your bank during the connection flow. Your bank issues an access token to Akahu that allows read-only data access without ever sharing your credentials.

How do I revoke an Akahu connection?

You can revoke access in three ways: through the app you connected (e.g. Steady), through your Akahu dashboard at my.akahu.nz, or by contacting your bank directly to cancel any open-banking authorisations. Revocation is immediate.