Financial abuse rarely makes headlines. While it leaves no visible injuries, it can be just as destructive as physical harm, and far more common than most people realise.
In SA, one in three women have experienced physical or sexual intimate partner violence. What’s less visible is how often money is used as a weapon of control. Financial abuse occurs in most domestic violence cases, with more than half of women in abusive relationships are subjected to economic control.
At Nedbank, our research and financial abuse survivor engagements have shown how money becomes a tool of coercion. It often starts subtly, appearing as care or concern, but over time strips women of independence.
Common signs include being denied access to your own income, pressured into debt, or guilt-tripped for wanting to work. Some abusers demand receipts for every expense or insist that financial independence is unnecessary.
Many women in these situations find themselves unable to leave because they lack access to money, making them financially dependent on their abusers. Recognising these signs early is critical, yet public awareness remains low.
To help shift this, Nedbank launched its Money Warnings initiative during 16 Days of Activism. We placed warning strips across our own advertising to expose how money can be used to harm.
In partnership with People Opposing Women Abuse (Powa), the campaign extended beyond awareness to offer practical support and financial education. But this is just one step; the deeper issue lies in the financial systems themselves.
The system was never neutral
Too often, women are told to be more financially savvy. Yet according to the 2025 Nedbank Financial Health Index, they are more likely than men to pay bills on time and stay on top of debt.
Despite this, many report high financial stress and low security. This is not about poor money management — it is about systems that ignore the realities women face.
When financial products assume one dominant account holder or treat coerced debt as legitimate, they create what we call “abuse risk”. For example, if a woman is forced to take out a loan under duress, she remains liable, even though the debt was coerced.
If an account is structured to give one partner control, it can be used to trap the other.
These gaps in design allow abuse to flourish. Reactive support alone can’t fix this. We must redesign financial systems with safety in mind.
When institutions shift the system, lives change
Globally, financial institutions are beginning to take action.
In the UK, banks follow the Financial Abuse Code of Practice, which was developed with survivor groups. They offer safe accounts, service by trained employees, and credit repair for coerced debt.
In Australia, banks have adjusted hardship and joint account processes to better support victims.
In Canada, survivor-centred practices are being built into banking systems.
These examples show that when institutions act, women can open accounts without alerting an abuser, escape coerced debt, and rebuild financial stability.
Listening changes the work — and the outcomes
Nedbank has been on this journey for several years. We have learnt from global partners and, more importantly, from South African women with lived experience. Collaborations with Powa, the International Finance Corporation, and the Grameen Foundation have shaped our approach.
Internally, we are focused on survivor-centred improvements: safer account protocols, stronger employee training, and more accessible help channels.
Our women-centred growth strategy places financial safety at the heart of our services. It recognises the female economy as a source of resilience and opportunity and commits us to rebuilding systems that have not kept pace with women’s realities.
Nedbank is embedding safety features into its products and channels so that women are protected [from financial abuse] by design — not by secrecy or extraordinary resilience
— Khensani Nobanda, group executive for Marketing and Corporate Affairs at Nedbank
We are embedding safety features into our products and channels so that women are protected by design — not by secrecy or extraordinary resilience. This is a complex undertaking, but every improvement closes off an abuse gap and opens a lifeline.
Ultimately, no single institution can fix this alone; systemic change requires coordination across the financial industry, regulators, civil society, and other stakeholders. But banks are uniquely positioned to lead.
South African women should not need to be extraordinarily resilient to stay financially safe. Their safety should be built into the system by default. If we commit to safeguarding women with the same rigour we safeguard money, we can shift the outcome of financial abuse, from entrapment to empowerment.
This article was sponsored by Nedbank.
