Updated 12.15pm: The people behind a credit system being labelled a scam won't tell NewstalkZB how it works.

NewstalkZB News has been in touch with promoters, who share a phone line with Paihia Taxis and Tours.

A man named Geoff Waterhouse says their only connection with the operation is they answer the phones.

He says he isn't prepared to explain how the Credit Exchange works just yet, but says it's not a scam.

Mr Waterhouse believes the real scam is the so-called 'establishment banking system'.

He also says they're trying to establish their own, local currency in the Far North, but are up against opposition from the council.

The Credit Exchange scheme was launched at Waitangi this weekend.

In a video on Facebook, its promoters are promising an amount of credit based on a customer's worth as a human being.

"It's based on our intrinsic worth, as human beings, not based on some banks idea on how much they think I can pay back with interest."

It's understood the promoters are promising up to $50,000 credit for a $45 payment.

What's not clear is how the promise can be fulfilled.

The video on Credit Exchange's Facebook page features a number of testimonials.

One suggests the scheme could be used to pay beneficiaries, and eliminate the national debt.

Businesswoman Naomi Waterhouse, who's connected with the scheme, says New World supermarkets and Caltex petrol stations have signed up.

It's understood neither company has had such talks with Credit Exchange.

Geoff Waterhouse - who's connected with Credit Exchange - now says the claim was never true.

He's told the New Zealand Herald his wife should not have spoken about the scheme.