Major international bank coming to South Africa 

UK ‘neobank’ Revolut has announced that it will apply for a banking license in South Africa and is busy engaging with the Reserve Bank’s Prudential Authority to enter into the local financial sector. 

Revolut, with more than 65 million customers worldwide, will be a formidable competitor to South Africa’s traditional banks and newer digital banks. 

The announcement was made on 23 September at the launch event for Revolut’s new global HQ in London, with the company targeting 100 million customers globally by mid-2027. 

South Africa represents a key growth market for Revolut, underpinned by its diversified economy, increasing digital adoption, and growing appetite for innovative financial services, the fintech said in a statement. 

Receiving a full commercial banking licence will enable Revolut to deliver innovative and essential financial services that meet the needs of South African customers.

The announcement represents a significant strategic entry for Revolut as its first application in Africa. The company plans to expand further in Africa as it works toward becoming the world’s first truly global bank.

“South Africans are ready for a new approach to banking. The market is primed for disruption, and we see a clear opportunity to bring our product expertise and customer-first approach to a country that is hungry for innovation,” South Africa CEO at Revolut, Jacques Meyer, said.

“Becoming a licensed bank will allow us to bring a full suite of products to the market and ensure we become the go-to financial app for millions of South Africans.”

Revolut is rapidly expanding its global footprint. Its mission is to become a top-three financial app in every market it enters and enter 30 new markets by 2030. 

Now live across Europe, the UK, Australia, Japan, New Zealand, Singapore, and the US, Revolut is making significant progress on licensing in key regions.

In Latin America, the company expects to launch as a bank in Mexico early next year, and is also moving forward with plans to enter Colombia and Argentina. 

In the APAC region, Revolut is preparing to launch in India after securing a payments license, and is working to obtain additional licenses in Australia and New Zealand. 

Revolut has recently been awarded a payments license in the UAE as it expands into the Middle East, and in Europe, the company recently announced a new Western Europe HQ in Paris.

Often termed a ‘neobank’, Revolut offers free and subscription-based digital banking services through its mobile app. 

Features include domestic and international bank transfers, debit and credit cards, stock and crypto trading, as well as traditional savings accounts and loans.