Nasfund Contributors Savings & Loan Society Limited (NCSL) has signed the PNG
Empower Finance Code, reinforcing its commitment to protecting members from
financial abuse and promoting safer, fairer and more responsible financial services.
The voluntary, principles-based Code is an industry initiative led by the Bank of Papua
New Guinea and developed in collaboration with financial institutions, the International
Finance Corporation and Flequity Ventures. It establishes a coordinated approach to
preventing and responding to financial abuse across PNG’s financial sector.
Financial abuse occurs when a person uses money, financial information or financial
services to control, pressure or exploit another person. Members may be at risk when
they are pressured to surrender their salary or savings, hand over their Poro Card or
share their PIN, MyNCSL login details or one-time passwords. These details may be
misused to access their accounts, make unauthorised withdrawals or transfers, or
pressure them into applying for loans and completing transactions without their free
and informed consent.
At the signing on Monday, 7 September, was NCSL’s Acting Chief Executive Officer and
Chief Operating Officer, Mr Shane Kennedy, and Head of Risk and Compliance, Mr
Kisakiu Poawai.
Mr Kennedy said the signing reflects NCSL’s commitment and responsibility to help
members remain in control of their finances.
“Every member has the right to make their own financial decisions and to feel safe
when using our products and services,” Mr Kennedy said.
“For NCSL, financial inclusion is not only about providing access to exceptional savings
products and affordable loans. It is also about ensuring those services are safe, fair and
responsive to the needs of our members.”
NCSL joins other financial institutions that have committed to the initiative, including
Nasfund, BSP, Westpac PNG, and Credit Bank. Through the Empower Finance community
of practice, participating institutions will share knowledge and work collectively to
strengthen financial safety and consumer protection across PNG.
Picture Caption
From left to right: NCSL Head of Risk and Compliance, Mr Kisakiu Poawai; Acting Chief Executive
Officer and Chief Operating Officer, Mr Shane Kennedy; Bank of Papua New Guinea Assistant
Governor, Financial System Regulation and Supervision Group, Mrs Sabina Deklin; and Comrade
Trustee Services Limited Chief Executive Officer, Mr Charlie Gilichibi at the signing of the PNG
Empower Finance Code.

