Revolut Expands in South Africa with Banking Licence Move

Revolut South Africa Accelerates Banking Licence Ambitions

Revolut, the global fintech platform serving more than 65 million customers worldwide, has announced a decisive step in its South African market expansion. The company has appointed Dr. Gaby Magomola as Chairman of Revolut South Africa and officially submitted its Section 12 application under the Banks Act, moving closer to securing a local banking licence.

This strategic development underscores Revolut‘s ambition to establish a regulated presence within South Africa’s growing digital finance sector. According to the South African Reserve Bank (SARB), the countrys fintech adoption rate has more than doubled since 2019, highlighting strong potential for consumer-focused innovation in digital payments and mobile financial services.

“Our leadership team in South Africa reflects both expertise and local understanding,” said Jacques Meyer, CEO of Revolut South Africa. “Dr. Magomolas vast experience in governance and financial transformation will be crucial as we navigate the South African banking landscape.”

Analysts within the Johannesburg financial community view this as a defining moment for the fintech sector, signaling deepening collaboration between global financial technology companies and domestic regulatory frameworks.

Local Leadership Strengthens Revoluts Market Vision

Dr. Magomola‘s appointment represents more than a leadership transition — it demonstrates Revolut’s commitment to inclusive banking and ethical governance in South Africa. His résumé spans senior roles at Citibank, First National Bank, and the Development Bank of Southern Africa (DBSA), where he served as Deputy Chair and contributed to key committees focused on risk management and development finance.

Having earned the University of South Africa Chancellors Award and an Honorary Doctorate in Commerce and Economics from the University of Zululand, Dr. Magomola is widely recognized as a pioneer of financial reform and empowerment.

“Fintech offers South Africans a chance to reimagine how they save, invest, and transact,” he remarked in a recent statement. “Revoluts mission is to bridge innovation with accessibility, ensuring financial tools reach every household, not just a privileged few.”

This inclusive approach resonates with the National Treasurys ongoing strategy to enhance competition in the digital financial services sector. By aligning with local authorities, Revolut aims to uphold both regulatory integrity and financial inclusion, consistent with the principles outlined by the Financial Sector Conduct Authority (FSCA).

Reinforcing South Africas Role in Global Fintech

Revolut‘s South African expansion arrives during a period of unprecedented growth in the region’s fintech ecosystem. Johannesburg and Cape Town have emerged as continental hubs, attracting both startups and institutional investors eager to modernize financial infrastructure.

The Section 12 application marks an early regulatory milestone on the path toward obtaining a full banking licence, a process requiring compliance with local capital adequacy, cybersecurity, and customer protection standards as defined by the SARB. On approval, Revolut South Africa would join a select group of international fintechs licensed for domestic banking operations, further encouraging cross-border competition and capital inflows.

Market analysts note that Revolut‘s model — integrating AI-driven budgeting tools, real-time forex access, and multi-currency accounts — could appeal strongly to South Africa’s urban and SME sectors. Local industry reports from FinMark Trust estimate that more than 11 million South Africans seek affordable, transparent digital banking solutions.

The company‘s strategy also aligns with South Africa’s broader digital economy initiatives, which emphasize secure financial infrastructure and consumer data protection. Partnering with regulatory institutions and leveraging a scalable technology base, Revolut aims to provide seamless integration between traditional banking and digital-first convenience.

As Revolut‘s banking licence journey unfolds, the move could redefine the competitive landscape for both legacy institutions and emerging digital challengers. With Dr. Magomola’s leadership guiding local strategy, Revolut positions itself not only as a fintech innovator but as a long-term contributor to South Africas sustainable economic growth.