Queen Máxima to visit South Africa in UN financial health role
Her Majesty Queen Máxima, the United Nations Secretary-General’s Special Advocate for Financial Health (UNSGSA), will visit the Republic of South Africa from the evening of Monday 19 May until Thursday 22 May. This is her first country visit in her new UN role for financial health.
South Africa has made great strides in financial inclusion. Over 85% of adults have access to a current account (Global Findex 2021), but access alone is not enough. As UNSGSA, Queen Máxima advocates for products, services and policies that contribute to better financial health and people’s confidence in their financial future, such as simple savings products, suitable insurance and affordable loans for short- and long-term goals. She will discuss with both private and public partners what is needed for this in the South African context.
Tuesday 20 May – Cape Town
In Cape Town, Queen Máxima will visit three companies that contribute to financial health. In a township she will talk to residents about their participation in a stokvel. This is an informal savings or credit association that is particularly popular in low-income communities. Members periodically deposit money for a savings goal. Through a collaboration with Nedbank they also get access to other financial products and funeral insurance, since high funeral costs are a problem for many South African households. The stokvel principle also works well for small-scale entrepreneurs. Queen Máxima will meet a businesswoman whose financial health has been improved through Spoon Money, a fintech company that links loans to a savings programme for low-risk investments. Finally, she will visit Discovery Vitality, an organisation specialising in scientific analysis and behavioural change. It offers financial products that motivate people to adapt their financial behaviour and make responsible financial choices.
Wednesday 21 May – Johannesburg
In Johannesburg, as Honorary Patron of the G20 Global Partnership for Financial Inclusion, Queen Máxima will take part in a fireside chat at the G20 Responsible Finance Forum with Michael Schlein, CEO of Accion, and a roundtable discussion hosted by Mastercard. At Deloitte she will speak with major employers’ organisations about how they can support the financial health of their employees. Financial stress leads to many problems, such as sickness and lower labour productivity. Queen Máxima will talk about her experiences with the Dutch National Financial Health Coalition (NCFG) set up on her initiative by SchuldenlabNL, Deloitte and ING Netherlands. Over 50 employers within the NCFG share knowledge on helping employees with financial problems and measuring financial health.
Thursday 22 May – Cape Town
On the last day of her visit, Queen Máxima is scheduled to meet international financial development organisations and speak with finance minister Enoch Godongwana. Earlier this year, at the IMF and World Bank Spring Meetings in Washington, DC, she spoke with South African Reserve Bank governor Lesetja Kganyago.
In 2011 Queen Máxima visited South Africa to discuss financial inclusion on behalf of the UN. In 2021 she held an online meeting with President Cyril Ramaphosa, at the time chairperson of the African Union, on financial inclusion for women on the African continent.
Government Information Service, no. 135