Empower Finance Kibung – Community of Practice to Address Financial Abuse and Product Misuse

Financial abuse and the misuse of financial products are significant problems affecting Papua New Guineans, prompting the Bank of Papua New Guinea (BPNG) to launch a new initiative.

The "Empower Finance Kibung" program is designed to equip financial institutions with the tools and knowledge to prevent and respond to financial abuse within the sector. This community of practice aims to foster collaboration and share best practices among institutions.

Following its recent launch, BPNG will engage with financial institutions this week to introduce a survey focused on financial abuse. This survey will gather crucial data to understand the scope of the problem and inform future strategies. Additionally, institutions will be asked to sign a code of conduct related to financial capability, management, literacy, training, safety, and counseling.