Laxmi Sunrise Bank and IFC Partner to Address Financial Abuse in Nepal

Laxmi Sunrise Bank has signed an agreement with the International Finance Corporation (IFC) under the ‘Empower Finance Alliance’ to address financial abuse, a first-of-its-kind initiative in Nepal. Supported by the Australian Government's Department of Foreign Affairs and Trade, this partnership aims to enhance financial security and foster inclusive growth.

Financial abuse, often linked to domestic violence, involves the misuse of financial resources to control individuals, leading to economic harm and undermining financial inclusion. The Alliance will equip Laxmi Sunrise Bank with principles to develop safe banking products, prevent abuse, and ensure a secure environment for vulnerable groups.

“This collaboration sets new benchmarks for safety and inclusivity in financial services,” said Ajaya Bikram Shah, CEO of Laxmi Sunrise Bank. IFC’s Martin Holtmann emphasized the initiative’s role in systemic change within the financial sector.

Launched in August, the Empower Finance Alliance involves nine financial institutions from Asia-Pacific, collectively serving over 30 million customers. This partnership underscores a commitment to building a safer, equitable financial ecosystem.