OTTAWA, Oct. 9, 2013 /CNW/ - The reintroduction of postal banking in
Canada would offer access to financial services not now available to
many Canadians, says a study released today by the Canadian Centre for
Policy Alternatives (CCPA).
According to the study, by independent researcher John Anderson, the
traditional financial banking sector is not meeting the needs of all
Canadians. There are many Canadians in large regions of the country not
served by banking institutions and an estimated 3% to 15% of Canadians
do not have a bank account.
"Canada Post has the largest network of retail outlets already in place
across Canada. Offering postal financial services would allow the
millions of Canadians without local bank branches or easy access to
banking the access they need," Anderson says.
Postal banking systems are proliferating around the world and are
prominent in most developed countries. They have shown themselves
capable of generating the additional income needed to preserve the
postal system as traditional letter volumes decline.
The study looks at five successful postal banking models in
industrialized countries with relevance to Canadian options (the United
Kingdom, France, Italy, Switzerland, and New Zealand) and demonstrates
how postal banking would succeed in Canada and help improve and
stabilize Canada Post's services and revenues.
"Canada's postal system has a long history of delivering financial
services. Canada Post currently delivers some products and could
develop a full banking system by building on what already exists," says
"Canada Post financial services should offer new competitive products to
all Canadians, but they could also make sure that there were special
services offered to low-income and Aboriginal Canadians, who are
underserved by the traditional banks."
The study recommends that the federal government and Canada Post
immediately establish a task force to determine how to deliver new
financial services, and determine priorities for delivering new
SOURCE: Canadian Centre for Policy Alternatives
For further information:
Why Canada Needs Postal Banking is available on the CCPA website: http://policyalternatives.ca
For more information contact Kerri-Anne Finn, CCPA Senior Communications Officer, at 613-563-1341 x306.