The Bank of Papua New Guinea has launched the PNG Empower Finance Code; a voluntary industry initiative aimed at helping financial institutions prevent and respond to financial and economic abuse.

The Code brings together BPNG and 15 financial institutions, including commercial banks, savings and loan societies, other financial institutions and superannuation funds.

It is designed to strengthen financial safety and inclusion while improving support for customers, employees, and communities affected by financial abuse.

Financial abuse occurs when money, financial products or cultural, customary and family obligations are used to control, exploit or harm another person.

This can include forcing someone to hand over their salary, take out a loan, surrender control of a bank account or bank card, or misusing financial products and payment channels.

BPNG recognises financial abuse as both a form of gender-based violence and a challenge for the financial system.

Recent research by BPNG found that two-thirds of participants knew someone who had experienced financial abuse, while more than half believed it occurred frequently.

The Code was developed following extensive consultation with BPNG and the wider financial sector and provides a practical framework tailored to Papua New Guinea’s cultural, economic and financial environment.

It will also help strengthen the capacity of financial sector workers to identify and respond to cases of financial abuse.

The Australian Government supported the development of the Code through PNG Women Lead under the PNG-Australia Partnership, in collaboration with the Business Coalition for Women, the International Finance Corporation and financial sector partners.

Australian High Commission Minister Counsellor Dr Cate Rogers said Australia was committed to supporting the implementation of the Code across the country.

“Australia is proud to support Papua New Guinea's efforts to address violence against women.

“We are committed to working alongside BPNG and financial sector partners as the Code is implemented across the country,” Dr Rogers said.

The Australian Government says it will continue working with BPNG and financial sector partners to support the rollout of the Code and promote safer and more inclusive financial services across Papua New Guinea.