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The fourth G20 Finance Ministers and Central Bank Governors meeting in Washington DC.
South African Reserve Bank Governor Lesetja Kganyago says South Africa has focused on cross-border payments during its G20 Presidency.
In the financial transactions, the sender and receiver are in different countries.
The payments can involve different currencies and must navigate various regulations and banking systems that individuals, businesses or banks make through transfers, digital wallets, or card-based payments.
The G20 heads of state and government summit will take place in Johannesburg next month after which the US will take over the presidency.
Kganyago was speaking at the sidelines of the IMF and World Bank annual meetings in Washington DC.
“Sub-Saharan Africa has one of the highest costs in terms of cross-border payments and it was very important that we elevate that work. We have made significant progress and we had isolated particular corridors and what we had done was that in Southern Africa, in SADC, we now have established a structure of governors that oversees the issue of cross-border payments. We are working with both the IMF and the World Bank.”
