Deputy Minister of Finance, Dr David Masondo, has called for concerted efforts to close the financial inclusion gap for women, emphasizing that empowering women economically is not only a matter of fairness but also a catalyst for broader economic development. Speaking at the second Plenary Meeting of the Global Partnership for Financial Inclusion (GPFI) in Skukuza, Mpumalanga, on Monday, Masondo highlighted the persistent disparities in financial access and usage among women, youth, informal workers, and rural entrepreneurs.

“Usage remains low, and significant gaps persist, particularly for women, youth, informal workers, and rural entrepreneurs,” Masondo stated, underscoring the need for targeted interventions to ensure that financial services translate into meaningful economic participation.

Empowering Women: A Smart Economic Strategy

Masondo emphasized that empowering women financially yields substantial benefits for families and communities. “When women gain access to financial tools and earnings, they invest in their families and communities to an impressive degree,” he noted. Studies indicate that women typically reinvest up to 90% of their income back into their households, compared to around 30–40% for men.

He further elaborated, “We have seen that financially empowering a woman creates a ripple effect; children stay in school longer, family nutrition improves, and local economies become more resilient. Conversely, when women remain on the margins of finance, we all lose out on growth and innovation.”

South Africa’s Commitment to Financial Inclusion

Highlighting South Africa’s initiatives, Masondo pointed to the Financial Sector Development Reform Program (FSDRP), which, with support from partners like the World Bank and the Swiss State Secretariat for Economic Affairs, aims to move inclusion from access to usage. “Through our Financial Sector Development Reform Program (FSDRP), we invest in the infrastructure and reforms that move inclusion from access to usage,” he explained.

One notable initiative under this program is the Inclusive Payments Digitalisation Programme, launched in collaboration with the South African Reserve Bank. This initiative aims to bring practical digital payment solutions to the informal sector, with pilot programs in communities like Tembisa and Hammanskraal. “This pilot is a testament to what is possible when we blend policy intent with on-the-ground innovation,” Masondo remarked.

Regulatory Reforms and Technological Advancements

To further enhance financial inclusion, South Africa is streamlining regulations to encourage low-cost fintech solutions through the Intergovernmental Fintech Working Group. Additionally, the Conduct of Financial Institutions (COFI) Bill aims to strengthen consumer protection and build trust in digital finance. Efforts are also underway to improve connectivity in rural areas through the SA Connect programme, ensuring that digital financial services are accessible to all.

Global Collaboration for Inclusive Growth

Masondo emphasized the importance of global partnerships in advancing financial inclusion. “The beauty of the Global Partnership for Financial Inclusion (GPFI) is that it allows us to learn from each other and to tackle common challenges together,” he stated. He encouraged delegates to share experiences, successful policies, and innovative technologies that can inform strategies to bridge the financial inclusion gap.

In conclusion, Masondo urged stakeholders to focus on practical solutions that directly benefit underserved populations. “Let us develop solutions that are practical, innovative, and inclusive, solutions that move from the pages of reports to the hands of people across rural towns and urban centres alike,” he said. By prioritizing the financial empowerment of women and marginalized groups, South Africa aims to foster a more inclusive and resilient economy.

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