Revolut has taken a significant step toward establishing operations in South Africa after formally submitting its Section 12 application to the Prudential Authority of the South African Reserve Bank. The submission marks the first stage in securing a banking licence under the country’s Banks Act and signals Revolut’s intention to enter the market with a full-scale digital banking offering.
Revolut in South Africa
The move represents Revolut’s first expansion into Africa and aligns with its long-term strategy to build what it describes as the world’s first truly global bank. With more than 65 million customers worldwide and plans to enter 30 new markets by 2030, South Africa is emerging as one of the company’s most strategically important targets.
As part of its local build-out, Revolut has appointed Dr Gaby Magomola as Chairman of Revolut South Africa. Dr Magomola, a former CEO of African Bank and senior executive at Citibank, Barclays and FNB, brings decades of industry experience to one of the continent’s most competitive banking markets.
Jacques Meyer, CEO of Revolut South Africa, said Dr Magomola’s appointment would strengthen the company’s position as it navigates regulatory approvals. “Dr Magomola’s experience is invaluable as we deepen our commitment to the South African market. His strategic counsel will be critical in navigating the local regulatory environment, ensuring we build a locally relevant service that addresses the financial needs of all customers in South Africa.”
Revolut plans to offer its full ecosystem of financial products in South Africa once licensed, including domestic and international money transfers, debit and credit cards, savings accounts, loans, and access to stock and crypto trading. The company says it sees strong demand for modern digital banking tools, particularly as South Africa continues to balance a concentrated traditional banking sector with a rising wave of challengers.
Can you use Revolut in South Africa?
Yes you can use Revolut in South Africa if you are travelling there and your account is based in a country where it is regulated like the UK. However, Revolut is not available for South African residents at the moment.
In its official announcement, Revolut said: “We believe that Revolut can bring greater choice, competitive pricing and an improved customer experience to the South African market. Our ambition is to offer a digital banking alternative that delivers world-class products in a safe, transparent and scalable way.”
Although a full launch will only take place once the licence is approved, South Africans can already receive money from abroad as Revolut and other international providers support transfers into the country. Outbound payments from users in other regions to South Africa also remain widely available.
Revolut’s application is part of a broader expansion across emerging markets, with licensing efforts simultaneously underway in Mexico, Colombia and Argentina.
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