Nedbank lifts silence on financial abuse with warnings on its adverts, partners with POWA

From 25 November to 10 December Nedbank’s TV, radio, print, and online adverts will carry a message about the financial abuse that forms a significant yet rarely discussed part of the gender-based violence (GBV) crisis in South Africa (Image supplied)

The adverts will feature a stark warning strip throughout the 16 Days of Activism against gender-based violence that are a call to action, urging South Africans to recognise the signs of financial abuse and take proactive steps to protect themselves and their loved ones.

Recognising the profound impact financial abuse has on its victims, particularly women, Nedbank’s campaign aims to raise awareness and spark a national conversation.

Hidden in the shadows, yet as crippling

In addition, Nedbank is reaffirming its commitment to the fight against financial abuse by partnering with POWA (People Opposing Women Abuse), a non-governmental organisation dedicated to providing essential support services to survivors of gender-based violence.

Together, both will aim to not only create awareness about financial abuse but also contribute directly to efforts that support those most affected, empowering them to rebuild their lives and restore their independence through POWA’s expertise and experience.

Khensani Nobanda, group executive of marketing and corporate affairs at Nedbank explains that financial abuse is a lesser-known but deeply destructive form of abuse that traps victims – mostly women – in cycles of control and dependency, often making it nearly impossible to escape abusive relationships.

“While physical and emotional abuse are rightly condemned by society, financial abuse remains largely hidden in the shadows; yet it is just as crippling.”

“As part of our commitment to using our financial expertise to do good, Nedbank is working to help bring this issue to light, educate people on its signs, and empower women with the resources they need to break free or avoid becoming victims.”

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99% of domestic abuse cases

A research study by Nedbank, Financial Freedom: Addressing Financial Abuse, this issue forms part of a staggering 99% of domestic abuse cases.

Despite this, it is a crisis that is seldom recognised or discussed.

It involves the use of money as a tool of control, where one partner restricts the other’s access to financial resources.

This can include anything from controlling all the family finances to preventing a partner from working, sabotaging their employment, or even taking out loans or credit in their name without their consent.

Many women in these financial abuse situations find themselves unable to leave because they lack access to money, making them financially dependent on their abusers.

“Money should be a tool that people use to empower themselves; but in the wrong hands, it becomes a weapon of control,” Nobanda elaborates.
“Nedbank wants to change this narrative by helping women reclaim their financial freedom.”

A silent epidemic

Fatima Shaik, executive director of POWA adds that financial abuse is a silent epidemic that keeps countless women trapped in abusive relationships, stripping them of the financial freedom needed to break free.

“At POWA, we witness the devastating impact of this form of control every day.

“By partnering with Nedbank, we aim to shed light on this hidden crisis, provide essential support to survivors, and empower women to rebuild their independence.

“Together, we can challenge societal norms that perpetuate financial abuse and work towards a future where every woman can live free from control and violence.”

Nedbank is also working to create an inclusive space where all women can reclaim their economic autonomy and free themselves from abuse.
This includes making its financial advisers available to offer confidential advice to anyone wanting to regain control of their finances.

The bank is also exploring ways to enhance its banking services to protect vulnerable clients, ensuring they have access to safe and secure financial options that don’t increase the risk of further abuse when women take steps to empower themselves.

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Education

A critical part of Nedbank’s approach is education.

The bank is focused on helping South African women understand their financial rights and providing them with the guidance they need to secure their financial future, whether through opening their own accounts, saving discreetly, or planning for long-term independence.

As part of this focus, during the 16 Days of Activism, Nedbank is urging South Africans to recognise the signs of financial abuse in their own lives or those of others and take action.

“We want people to understand that abuse isn’t always physical,” Nobanda emphasises.

“By bringing financial abuse into the conversation, we want to be a trusted partner to those looking to regain control of their finances and take their first steps towards independence and safety.”