As President of the G20 Global Partnership for Financial Inclusion (GPFI), South Africa is leading a bold agenda to reimagine financial inclusion globally—not merely as access to financial institutions, but as the meaningful and consistent use of financial services. This strategic pivot was outlined during a G20 outreach programme with higher education institutions, where key National Treasury officials emphasized South Africa’s vision and leadership in shaping inclusive financial ecosystems.

The outreach highlighted the transformative role that financial inclusion plays in driving economic equity, social sustainability, and digital transformation, especially across the Global South.

Speaking at the event, Nontobeko Lubisi, National Treasury’s Director of Financial Inclusion, explained South Africa’s decision to prioritize "access to usage" as the cornerstone of its GPFI leadership during its G20 presidency.

“We chose this priority because it aligns with the G20’s 2025 theme of solidarity, equality, and sustainability. It also reflects our Minister of Finance’s commitment to ensuring no one is left behind in the global financial services ecosystem,” said Lubisi.

While recent decades have seen remarkable progress in bank account penetration, Lubisi pointed out that 1.5 billion people globally still remain unbanked. Many others, though formally banked, do not actively engage with financial services such as credit, insurance, or savings tools.

This highlights a gap between access and usage, and addressing this gap, she said, is critical to unlocking economic opportunity and reducing financial vulnerability—particularly in developing economies.

Lubisi emphasized that South Africa’s priority builds upon the work of Brazil’s 2024 presidency, which spotlighted digital public infrastructure as a catalyst for financial access. South Africa is now seeking to go deeper, advocating for efforts that encourage regular, effective, and informed use of financial tools and platforms.

“In many countries, especially across the Global South, people may have accounts but don’t use them because of limited financial literacy, high transaction fees, or lack of trust. That is what we’re working to fix,” she said.

Lubisi elaborated on the GPFI’s Financial Inclusion Action Plan, which South Africa is currently co-implementing in its second year. The plan provides a roadmap for countries to:

South Africa, as 2025 GPFI President, has the privilege and responsibility to elevate specific themes within this framework, ensuring that usage becomes central to future policy dialogues.

Also addressing the gathering, Marlon Geswint, Chief Director and South Africa’s G20 Lead, emphasized the country’s Pan-African approach to its G20 role.

“South Africa is currently the only African G20 member, though the African Union was formally admitted as a permanent member during India’s 2023 presidency. This positions us uniquely to serve as a bridge between Africa and global economic governance,” said Geswint.

He underscored that South Africa’s presidency is being framed as an “African Presidency”, ensuring that Africa’s priorities and challenges are brought to the table—whether through the G20’s finance track, sherpa track, or working groups.

“This is not an inward-looking term. We carry a continental mandate to raise issues that matter to Africans—from digital access, SME finance, remittance costs, to cross-border payment systems,” Geswint explained.

The National Treasury believes that inclusive development is impossible without inclusive finance. South Africa is actively working with African finance ministers, central banks, and regional bodies to harmonize digital financial regulations and advance interoperable payment infrastructures across the continent.

As part of its G20 role, South Africa has also initiated partnerships with research institutions and universities to amplify youth voices, academic insights, and innovative fintech ideas from Africa.

Lubisi concluded by reaffirming South Africa’s vision of financial inclusion as a human right and development imperative. The shift from access to usage requires:

As South Africa advances this agenda within the GPFI, it seeks partnerships, shared innovation, and policy alignment across both G20 and non-G20 countries, ensuring a globally inclusive financial future.