So, who is Akahu?
Akahu is New Zealand's leading open finance intermediary. Apps like BudgetBuddie use Akahu to connect to your bank accounts, with your permission, so balances and transactions can come through without you uploading files or typing everything in.
Akahu sits between you, your bank, and the app you choose. You approve the connection. You can revoke it at any time. If you disconnect, new data stops coming into BudgetBuddie.
Today Akahu provides connectivity for 130+ government, corporate, and fintech products in New Zealand. Read more on Akahu's website.
What changed since we first wrote this
When this post went up in 2023, open banking in New Zealand was still coming. That is no longer the case.
New Zealand now has a regulated open banking system under the Customer and Product Data Act 2025. Banking was the first sector designated. The five largest banks, ANZ, ASB, BNZ, Kiwibank, and Westpac, now have to make official open banking APIs available to accredited requestors.
Akahu is one of those accredited requestors. MBIE added Akahu Technologies Limited to the Register of Participants as an accredited requestor and intermediary for customer data and payments.
How the connection works now
On the major banks, the regulated flow means you approve access with your bank. You are not handing your internet banking login to BudgetBuddie.
Smaller banks are not yet required to offer the same official APIs. For those, Akahu still uses classic connections so you can connect the accounts you already use.
Either way, the connection is consent-based. You choose what to share, and you can turn it off.
What is open banking?
Open banking is the idea that you can choose to connect your bank accounts to a third-party product, like BudgetBuddie, so that product can help you see and manage your money.
A familiar example is Xero. A business owner can let Xero connect to their bank so transactions come through automatically, instead of entering them by hand. BudgetBuddie does a similar job for your personal finances.
The regulated system is a step up from the early, unregulated connections Kiwis used for years. You authenticate with your bank. Accredited providers have a clear set of rules. The big four banks have been required to offer official APIs since 1 December 2025, and Kiwibank followed on 28 May 2026.
For Akahu's own update on that transition, see their newsroom post.
Why BudgetBuddie uses Akahu
We use Akahu because it is built for New Zealand banks, and because it is now a direct participant in the regulated system. That is how we connect NZ banks and KiwiSaver on Pro, with your consent.
If you want to try it, create a BudgetBuddie account. Bank connections are on Pro, including during the Pro trial.
Final words
Thanks for reading. If you have questions, use our contact form or email hello@budgetbuddie.co.nz.
FAQs
Who is Akahu?
Akahu is a New Zealand open finance company. It is an MBIE-accredited requestor, which means approved apps can connect to your bank accounts through Akahu with your permission.
Why does BudgetBuddie use Akahu?
So you can pull through balances and transactions securely, instead of uploading files or typing everything in. On the major NZ banks, you approve that access with your bank.
Is open banking regulated in New Zealand now?
Yes. The Customer and Product Data Act 2025 covers banking. The five largest NZ banks must provide official open banking APIs to accredited requestors.
Can I disconnect my bank?
Yes. You can revoke consent at any time. New data will stop coming into BudgetBuddie.
Disclaimer
This blog or any other information provided by BudgetBuddie is not financial advice. If you need financial advice, please speak with a licensed financial adviser or professional.
