FinMark Trust participated in the G20 Cross-Border Remittances Conference, hosted by the South African Reserve Bank (SARB) and the Bank for International Settlements (BIS), from 22-23 October 2025, sharing perspectives on making cross-border payments faster, cheaper and more transparent across the Southern African Development Community (SADC) region.
On the first day of the conference, Damola Owolade, Head of the SADC Financial Inclusion Programme, shared key insights from FinMark Trust’s 2024 SADC Remittances Market Assessment. During his presentation, he noted that while remittances remain a lifeline for millions across the region, informal flows are often underestimated, and that better data and research are needed to fully understand their impact.
“Formal and informal markets are interconnected. Improving access, cost, speed and transparency requires integrated strategies – digitalisation, strengthened domestic financial ecosystems, supportive regulatory frameworks, and policies that recognise informal flows,” said Owolade.
The presentation showed how formal and informal remittance channels are closely connected and called for a more inclusive approach that reflects the realities of how people send and receive money across borders. Data from FinMark Trust’s ongoing research and market assessments identified opportunities to leverage digital innovation, regulatory harmonisation and support for the financial ecosystem to reduce costs and improve efficiency.
On Day 2, FinMark Trust’s Chief Executive Officer, Brendan Pearce, moderated the final panel discussion of the conference, titled: “Cross-Border Payment Opportunities and Challenges – Perspectives from Market Stakeholders.” The session brought together executives from Standard Bank, FNB, VISA and Mukuru to unpack operational frictions and explore solutions to reduce the cost of cross-border remittances.
In his introduction, Pearce said, “At FinMark Trust, our focus is on benefiting the poor, offering affordable transactions, and reducing costs further. Remaining challenges largely relate to cash handling on the first and last mile.”
He emphasised the need for collaboration across public and private sectors to enable inclusive, interoperable payment systems that can drive sustainable regional integration.
Key points raised during the panel discussion include:
- Cash handling is the main cost driver in cross-border remittances. First- and last-mile cash handling is expensive and difficult to replace due to practical and cultural considerations. Reducing cash reliance – through digitalisation, direct payment for goods or airtime, and expanded access points – can lower costs and improve inclusion.
- Regulatory alignment and risk-based approaches are critical. Fragmented regulations, differing licensing standards, and compliance obligations slow down operations and increase costs. Aligning international and domestic frameworks and applying risk-based approaches can make processing more efficient and help include lower-income or undocumented customers.
- Digitalisation and infrastructure innovation can improve efficiency and customer experience. Digital tools, tokenisation, unified platforms, and innovative back-end infrastructure are key to expanding access, reducing costs, and improving speed and transparency. Technology must be coupled with operational and regulatory collaboration to achieve meaningful cost reductions
Driving inclusive financial systems through research and partnership
Through its work across the SADC region, FinMark Trust continues to support evidence-based solutions that expand access to affordable and efficient cross-border payment systems. By deepening knowledge of remittance markets, regulations and what consumers really need, FinMark Trust helps shape regional strategies to make cross-border payments faster, cheaper, more transparent and more inclusive – supporting the G20’s goals.