In a recent episode of Hub Dialogues, Chinyere Eni, head of RBC’s Indigenous Banking and Origins initiative, shed light on the barriers Indigenous communities face in accessing financial services and how the banking sector can play a pivotal role in advancing economic reconciliation.
The conversation, hosted by Sean Speer, editor-at-large at The Hub, delved into the importance of collaboration, tailored financial solutions, and systemic change to empower Indigenous entrepreneurs and communities.
Here are three key insights from Eni’s analysis.
1. Systemic barriers demand innovative, community-led solutions
Indigenous communities in Canada face deeply entrenched financial obstacles, many of which stem from historical policies like the Indian Act. Eni highlighted how these structures were never designed to support Indigenous economic aspirations, resulting in limited access to banking services, higher business costs, and lending criteria that don’t align with Indigenous realities—such as challenges in using leasehold land as collateral.
However, Eni stressed that these barriers are not insurmountable. The solution lies in financial institutions moving beyond one-size-fits-all approaches and instead developing tailored services that account for Indigenous governance structures, land rights, and cultural values. For example, RBC has been working to simplify lending processes and increase access to affordable capital, recognizing that traditional banking models often exclude Indigenous entrepreneurs. Eni’s message was clear: true financial inclusion requires systemic change—not just goodwill, but redesigned policies and products that reflect Indigenous needs.
2. Banks must act as partners, not just providers, in reconciliation
While many Canadians view reconciliation as a government-led effort, Eni argued that the private sector—especially banks—has a crucial role to play. Financial institutions are uniquely positioned to empower Indigenous economic growth through three key avenues:
Supporting Indigenous entrepreneurs: With Indigenous-owned businesses growing at nearly nine times the rate of non-Indigenous ones, there’s a pressing need for banks to offer not just loans but also mentorship, financial literacy programs, and flexible lending models that respect Indigenous business practices.
Facilitating major projects: Over 70 percent of Canada’s natural resource projects intersect with Indigenous territories. Banks can help bridge gaps by ensuring Indigenous communities have equitable access to financing, partnerships, and advisory services for these ventures.
Shifting from poverty management to wealth stewardship: As settlements and land claims inject capital into Indigenous communities, banks must transition from offering basic financial services to helping manage long-term wealth—ensuring prosperity benefits future generations.
Eni emphasized that this isn’t just about corporate social responsibility—it’s a strategic economic imperative. By enabling Indigenous economic success, banks contribute to a stronger, more inclusive Canadian economy.
3. Authentic collaboration is the only path forward
One of Eni’s most compelling points was that reconciliation cannot happen without genuine, ongoing partnerships with Indigenous communities. She rejected the idea of banks dictating solutions, instead advocating for a co-creation model rooted in respect for Indigenous sovereignty.
RBC’s approach reflects this philosophy. Rather than relying solely on internal data, the bank engaged an Indigenous-owned consulting firm to guide its strategy, ensuring community voices shaped its policies. Eni also stressed the importance of active, continuous dialogue—not just one-time consultations—to adapt to evolving needs.
For non-Indigenous Canadians and businesses, Eni’s advice was simple: educate yourself, stay curious, and take actionable steps. Whether through hiring Indigenous talent, sourcing from Indigenous-owned businesses, or simply engaging with Indigenous media, everyone has a role in advancing reconciliation.
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Generative AI assisted in the production of this story.
