The G20  sits at the intersection of power, policy, and progress. Originally formed to promote international financial stability, the forum has evolved into a pivotal platform where the world’s largest economies tackle everything from climate action to digital transformation. Accounting for about 85% of world GDP and three-quarters of international trade, the G20’s influence extends far beyond finance.  As global challenges grow more complex and interconnected, its role in shaping inclusive, resilient systems has never been more urgent.

This year, South Africa holds the G20 Presidency, marking a historic moment for the continent. It’s an opportunity for Africa to lead the global conversation on inclusive innovation. And at the forefront of that opportunity is G20 TechSprint 2025, a flagship initiative co-hosted by the South African Reserve Bank (SARB ) and the Bank for International Settlements (BIS ).

The theme? Trust and integrity in scalable and open finance—two pillars without which digital transformation cannot sustainably thrive.

But what does this all really mean for Africa? For financial inclusion? For the billions navigating a digital-first world? To unpack this, I spoke with Lyle Horsley, Head of the FinTech at the South African Reserve Bank, who is helping lead the charge.

According to Horsley, this isn’t just another global event. “It’s about solving real-world problems”—problems that central banks, regulators, and people on the ground are grappling with—not in theory, but in practice. She describes the TechSprint as both a strategic tool and a symbolic turning point, especially as it unfolds on African soil for the first time.

Core Theme: Trust and Integrity in Scalable and Open Finance 

The G20 TechSprint 2025 places its focus squarely on trust and integrity in scalable, open finance—a deliberate and strategic choice that speaks to the current moment in global finance.

These two concepts—trust and integrity—are not peripheral; they are fundamental. Without them, the promise of digital finance quickly falters. As Horsley put it during our conversation, “If those two things are undermined, then it undermines the entire ecosystem.” That sentiment captures the stakes of the TechSprint: to ensure that as financial systems evolve, they do so with the confidence of the public, the security of the system, and the transparency required to sustain meaningful growth.

The challenge is especially pronounced across African markets, where mobile-first finance has become the norm. Millions transact daily through digital wallets, mobile money, and fast payment systems. But even as access increases, so do the risks. In such an environment, it is not enough to innovate; the innovation must be trustworthy, equitable, and able to operate at scale.

“Our TechSprint is focused on trust and integrity in scalable and open finance because we see these as foundational pillars for the financial system. If those are undermined, then it undermines the entire ecosystem. We’re thinking about these things in the context of increasing digitalization – payments, identities, everything is becoming increasingly digitized. The question is, how do you build and support integrity when we are increasingly digitized and have emerging innovations disrupting financial services?”  

– Lyle Horsley, Head of the FinTech, South African Reserve Bank (SARB) 

 

Deep Dive: The Three Pillars of Digital Trust 

The 2025 G20 TechSprint distills the global challenge of digital finance into three targeted problem statements. Each challenge touches a different point in the digital financial journey, yet all are bound by a single thread: reinforcing the structural integrity of the digital finance landscape.

Verifiable, Privacy-Preserving Digital Identity

At the center of any financial ecosystem lies a simple but profound question: Who are you? “If we take that into a digital environment, the question becomes: how do you verify yourself in the digital world?” Horsely explained. The ability to verify identity securely and efficiently is foundational to financial inclusion, fraud prevention, and seamless user experiences.  

The issue isn’t a lack of innovation; it’s that solutions have developed in silos. Institutions are creating their own verification systems, but few of these are interoperable. What’s needed, Horsley emphasized, is a shared infrastructure for digital identity—one that is privacy-preserving, verifiable, and ecosystem-wide. She described the ideal as a digital ID that a user could carry securely across providers, reducing repetitive KYC processes, cutting compliance costs, and minimizing the risk of fraud.

She also noted that Mobile Network Operators (MNOs) are uniquely positioned to play a role, given their wide consumer reach and data-holding capacity. But to integrate their role meaningfully, the continent must build frameworks that enable secure, consent-based data sharing, linking digital identity to open finance in a way that empowers users rather than exposing them. Ultimately, the goal is to eliminate the repeated friction of KYC requirements and replace it with a system that enables seamless onboarding while safeguarding user privacy.

Credit Data Portability for SMEs

Small and medium enterprises are the engines of African economies, yet most remain chronically underbanked. This is not due to a lack of demand, but rather a lack of visibility. Their financial activity—often informal, cash-based, or siloed—rarely meets the thresholds required by traditional lenders.  

“This problem statement is really about two things,” Horsley said. “One is access to finance for SMEs, and the other is data—how do we think about data sharing in a way that empowers SMEs?” 

With the right systems in place, digital payments can serve as a proxy for credit history. As more SMEs adopt mobile transactions, they create valuable digital footprints: transaction histories, cash flow patterns, supplier relationships. But as Horsley pointed out, that data often remains trapped—either in a bank, a payments platform, or a telco—unable to move across the ecosystem in a way that could unlock access to more affordable or better-tailored financial products. 

She sees open finance as the key to breaking this cycle:  “If I’m an SME currently banking with Institution X, I should be able to share my transaction history with, say, a third party—like Institution B—so they can see what my transactions have looked like, assess my affordability, and determine what kind of credit and terms they can offer me. And beyond that, there could be other kinds of data I might want to share as well.” She explained. The TechSprint’s challenge is to help build that technical and regulatory bridge, safely, securely, and with consent at its core.  

Fraud and Cyber Risk Mitigation in Fast Payments

Fast payment systems are reshaping how people transact, from delayed settlements to instantaneous transfers. But the speed that appeals to them also makes them vulnerable.  

“The fraud also happens in real time now,” Horsley said bluntly. “Your chances to intervene are limited.” 

This challenge acknowledges the new terrain regulators are navigating. With payments now clearing in seconds, institutions must shift from reactive fraud detection to predictive and preventative models. And as Horsley noted, the threat isn’t only technical. Social engineering, phishing, and scams are rising alongside technical attacks—making digital and financial literacy critical components of any solution. 

She emphasized that without strong safeguards, these systems risk eroding the very trust they are meant to foster. “If there’s extensive fraud on the rail, people will stop trusting it. That undermines the whole system.” For countries like South Africa, where PayShap launched, the stakes are clear: fraud and cyber threats must be addressed with the same urgency as the technology rollout itself. 

The challenge, therefore, is to develop adaptive security solutions, ones that can move at the pace of innovation while staying one step ahead of evolving threats.

Why Innovators Should Join the Sprint 

For developers, fintech founders, and technologists, the G20 TechSprint is not merely a competition—it is an entry point into global policymaking. It offers a rare opportunity to help shape the infrastructure of tomorrow’s financial systems, side by side with the very Central banks, traditionally seen as cautious and slow-moving, evolving. As Horsley noted, “the impact of technology within the financial sector is really changing how financial products and services are delivered.” Central banks are now engaging more directly with innovation, both modernizing internally and guiding the industry through emerging tech like AI, crypto, and open finance. 

The TechSprint, in this context, plays a unique role. “We’re not just writing policy papers anymore,” Horsley said. “We’re working with innovators to solve real problems in real time.” The format fosters fast, collaborative problem-solving—giving regulators deeper insight into tech solutions and giving developers a seat at the policy table. 

Regulators gain firsthand exposure to emerging technologies, understanding their practical applications and inherent risks. Innovators, on the other hand, gain insight into policy gaps and priorities, often inaccessible outside formal consultations. It’s a rare alignment—one that accelerates both regulatory learning and solution-building. 

Beyond its strategic importance, the initiative also offers tangible rewards. Shortlisted teams receive a $5,000 stipend, with $30,000 awarded to the winning solution in each problem category.  

And crucially, there’s visibility. This is a G20-backed platform, offering innovators global reach and reputational lift. According to her, success will be measured by the quality of proposals received. She hopes to see innovators from South Africa and across Africa submit their ideas. Ultimately, success means receiving strong, practical proposals that aim to solve real problems in tangible ways.   

“So, I think the way I would measure success is by the quality of proposals or submissions we receive. Of course, I would love to see innovators from South Africa and Africa put in their proposals. But ultimately, it’s about having good quality proposals that truly aim to solve problems in a tangible and practical way.”  

– Lyle Horsley, Head of the FinTech, South African Reserve Bank (SARB) 

 

Accelerating Innovation for Inclusive Digital Transformation 

Africa faces critical barriers to digital transformation—including infrastructure, regulation, and inclusion, that require urgent, coordinated action to keep pace in the AI and digital era. Horsley highlights the essential role of public-private partnerships and collaboration between central banks, governments, and the private sector in building inclusive digital systems that serve the public good.  

The G20 TechSprint 2025, hosted by South Africa, exemplifies this accelerated collaboration. While the time-bound nature of the event pushes teams to innovate rapidly, it also offers a unique opportunity to develop solutions that contribute to the public good. Beyond the prize incentives, the true reward lies in advancing Africa’s digital future and positioning the continent as a global leader in creating inclusive and resilient digital finance for all.