South Africa's National Treasury published remarks by Deputy Minister of Finance Ashor Sarupen at the Annual Global SME Finance Forum, an official side event of the G20 Global Partnership for Financial Inclusion (GPFI) Working Group. The speech set out South Africa’s G20 presidency focus on financial inclusion, emphasising a move “from access to usage” so that payments, savings, credit, insurance and remittances are used regularly and effectively, with attention to underserved groups including women, youth, small businesses and informal workers. The remarks highlighted MSMEs’ economic role in South Africa (91% of formal businesses, 60% of jobs and up to 34% of GDP) and noted that the informal sector contributes 6% of GDP and 17% of employment but remains excluded from adequate support. The G20 presidency priority paper “Moving from Access to Usage” was positioned as identifying areas for action such as improving financial literacy, strengthening consumer protection and designing products suited to community needs, alongside support for the implementation framework of the GPFI Action Plan for MSME Financing and related collaboration with G20 and non-G20 countries. From a domestic perspective, the speech pointed to National Treasury’s Financial Inclusion Policy (approved in 2023) and the need for legislative reforms and alternative financing instruments, referencing channels and mechanisms such as the Johannesburg Stock Exchange, the Khula Credit Guarantee Scheme, and institutions including the Industrial Development Corporation and the National Empowerment Fund, as well as structural reforms under Operation Vulindlela Phase 2 and the scaling of non-bank finance options such as equity, crowdfunding and venture capital.
National Treasury (South Africa) 2025-09-15
South Africa's National Treasury highlights G20 shift from access to usage in financial inclusion to expand MSME financing
South Africa's National Treasury, via Deputy Minister Ashor Sarupen, stressed financial inclusion at the G20 Global Partnership for Financial Inclusion Working Group, focusing on transitioning from access to usage of financial services for underserved groups. The speech highlighted the economic importance of MSMEs and the informal sector, advocating for better financial literacy, consumer protection, and tailored financial products. Domestically, the National Treasury's Financial Inclusion Policy and legislative reforms aim to enhance financing channels, including the Johannesburg Stock Exchange and non-bank finance options.