Westpac PNG has signed the PNG Empower Finance Code, becoming a founding signatory to the voluntary, principles-based code aimed at strengthening the financial sector’s prevention of and response to financial abuse.
Signed at a ceremony in Port Moresby, the code reflects a shared commitment among participating financial institutions to improve financial capability, promote safer financial services, support consumer protection and strengthen coordinated responses across Papua New Guinea’s financial sector.
The Empower Finance Code was developed through the Bank of Papua New Guinea’s Empower Finance Kibung, a community of practice that brings together banks and financial institutions to build a shared understanding of financial abuse, distinguish it from fraud and scams, and support practical action to reduce the misuse of financial products and services.
Westpac PNG Chief Executive Andrew Cairns said signing the code marked an important step in the bank’s ongoing commitment to helping customers and communities bank safely and confidently.
“Financial abuse can limit a person’s independence and cause significant harm within families and communities. As a bank, we have an important role to play in recognising how financial products and services can be misused, strengthening safeguards, and supporting our customers with genuine care and practical help,” Cairns said.
“By becoming a founding signatory to the PNG Empower Finance Code, Westpac PNG is reinforcing our commitment to financial inclusion and consumer protection. We look forward to continuing to work with the Bank of Papua New Guinea and industry peers to share learnings and contribute to safer banking experiences for our customers.”
The code sets out four commitments for signatories, intended to support ongoing improvements in awareness, staff capability, customer support, internal policy development and sector-wide cooperation.
Westpac PNG said its signing of the code aligns with its broader focus on helping create a more inclusive and financially confident Papua New Guinea, where customers can access banking services and support that are safe, fair and responsive to their needs.
