UNSGSA Queen Máxima to Visit South Africa to Support Financial Health Efforts

Her Majesty Queen Máxima of the Netherlands, the United Nations Secretary-General’s Special Advocate for Financial Health (UNSGSA), is scheduled to visit the Republic of South Africa from 20–22 May 2025, the first official country visit in her new UN role. The three-day visit will focus on supporting the efforts of the country’s private sector, policymakers, and regulators to improve the financial health of all South Africans. Accompanied by international technical partners, the UNSGSA will meet with local communities, clients of financial institutions, and government, regulatory, and private sector leaders.

South Africa is one of the largest and most diversified economies in Africa, with a robust banking sector and financial regulation. According to Findex data, 85% of adults have access to a financial account, with account ownership nearly equal between men and women. Despite high levels of financial access, the country is characterized by high levels of economic and social inequality. While one part of the population enjoys advanced digital infrastructure and financial services comparable to those in G7 economies, many others live near the poverty line with limited work in the formal sector and inconsistent access to essential services. 47% of the population benefits from at least one form of social assistance.

According to FinScope data, there is a declining proportion of financially healthy adults, from 31% in 2022 to 16% in 2024. More adults in South Africa are now “coping” (56%) and struggle to manage day-to-day expenses, build emergency savings, or plan for long-term goals. The picture is even more difficult for low-income individuals, youth, and informal workers, who tend to have volatile incomes, lower financial literacy, and limited access to and usage of appropriate financial products.

The UNSGSA will visit three projects in Cape Town that contribute to financial health. She will speak with township residents about their participation in “stokvels” – informal savings or credit associations popular in low-income communities – and with Nedbank, which offers a variety of financial services, including funeral insurance to members. She will also meet with an informal entrepreneur whose financial health has been improved by the fintech Spoon Money, which links loans to a savings and investment program. Finally, the Special Advocate will visit Discovery Bank to discuss its Vitality Money Program, which uses behavioral science and customer-centric design to encourage and reward financially healthy behavior, including spending less than you earn, building emergency buffers, and investing for the long term.

In Johannesburg, as Honorary Patron of the G20 Global Partnership for Financial Inclusion, Queen Máxima will participate in a fireside chat of the Responsible Finance Forum, convened by the Center for Financial Inclusion at Accion. She will also participate in a financial health roundtable co-hosted with Mastercard featuring South African financial sector leaders. In a second roundtable co-hosted with Deloitte, the UNSGSA will discuss how major employers can play a central role in improving the financial health of their employees by offering value-added services such as emergency savings, budgeting, and support for managing outstanding credit. Boosting employee financial health can have a significant impact on worker productivity and mental well-being. In the Netherlands, UNSGSA Queen Máxima shares her experiences with the Dutch National Coalition on Financial Health (NCFG), a partnership of more than 50 companies that exchange knowledge on measuring and strengthening the financial health of their employees.

Talks with international financial development partners and financial regulators are on the agenda for the final day in Cape Town, and the UNSGSA will also speak with members of the South African government, including Minister of Finance Enoch Godongwana.

Throughout her visit, the Special Advocate will emphasize the critical role of affordable, accessible, and customer-centric financial products and tools in building resilience and financial health, with a focus on savings and responsible retail credit. She will also advocate for financial health to become part of South Africa’s development policy and for financial institutions, regulatory bodies, and government to measure financial health.

UNSGSA Queen Máxima will be supported on her visit by members of the UNSGSA Reference Group, including the Alliance for Financial Inclusion (AFI), Consultative Group to Assist the Poor (CGAP), Gates Foundation, International Finance Corporation (IFC), and the World Bank.

The UNSGSA previously visited South Africa in 2011 in her role as the UNSGSA for Inclusive Finance for Development. In 2021 she had an online conversation with President Ramaphosa in his role as former president of the African Union on the financial inclusion of women on the African continent.