South Africa pushes for faster, cheaper and more inclusive cross-border payments under G20 Presidency

SOUTH Africa has reaffirmed its commitment to advancing the G20 Roadmap for faster, cheaper, more transparent, and more inclusive cross-border payments by 2027, as part of its G20 Presidency Finance Track priorities.

- SIPHELELE DLUDLA

SPEAKING at the opening of the second day of the G20 Conference on Cross-Border Payments on Thursday, South African Reserve Bank Governor, Lesetja Kganyago, highlighted the collective responsibility to modernise and integrate regional payment systems.

(THOBILE MATHONSI Independent Newspapers)

Speaking at the opening of the second day of the G20 Conference on Cross-Border Payments on Thursday, South African Reserve Bank Governor, Lesetja Kganyago, highlighted the collective responsibility to modernise and integrate regional payment systems.

“Cross-border payments are the lifeblood of international trade, investment, capital and remittance flows and economic integration. Despite their critical role, cross-border transactions remain far too costly, slow and opaque, especially in emerging markets and developing economies,” Kganyago said.

"As part of South Africa’s G20 Presidency, we have placed cross-border payments high on the Finance Track agenda. Our goal is to enrich the global conversation with regional insights and to foster collaboration that translates ambition into action and tangible outcomes."