This year’s G20 and B20 meetings present a crucial opportunity to advance financial inclusion and cross-border digital payments across Africa, transforming the continent into a more integrated trade region, reported the Sunday Times. This is the view of Deputy Finance Minister David Masondo, who spoke at the B20’s Global Partnership for Financial Inclusion plenary in Skukuza this week.
Financial inclusion is expected to spur competition, innovation, and cost efficiency. Masondo highlighted the National Treasury’s financial sector reforms, including investments in infrastructure to boost economic participation.
The Treasury and South African Reserve Bank’s inclusive payments digitalisation programme aligns with Vision 2025, aiming to bring digital payment solutions to the informal sector. “We have piloted it in Thembisa and Hammanskraal to develop digital ecosystems right where people live and work,” Masondo said.
South Africa’s 2025 G20 presidency coincides with African nations deepening their AfCFTA commitments—an initiative set to create the world’s largest free-trade zone. However, inter-African payments remain a hurdle.
AfCFTA, signed by 54 countries, prioritizes financial inclusion for informal and small businesses, potentially unlocking R1.125-trillion in value through systems like the Pan African Payment and Settlement System (PAPSS). Launched by Afreximbank and the AU in 2022, PAPSS enables instant, secure cross-border transactions.
The Treasury is also refining regulations to promote affordable fintech solutions and enhance consumer protections via the COFI Bill. “This pilot shows what’s possible when policy meets innovation,” Masondo said. “We aim to expand these efforts so no entrepreneur misses the digital finance revolution.”
“Africa’s future lies in its ability to trade seamlessly across borders,” added Meera Sunker of BankservAfrica.
Despite progress—partly driven by social grants and banking outreach—Masondo noted that 1.5-billion people globally still lack bank access.
