Fintech firm Revolut has announced plans to apply for a full banking licence in South Africa, marking its first entry into an African country.
The company, which has more than 65 million customers worldwide, said it would work closely with the South African Reserve Bank during the application process.
Revolut aims to offer a range of financial services tailored to the local market, including products designed to appeal to consumers seeking innovative alternatives to traditional banking.
The announcement was made at the launch of Revolut’s new global headquarters in London, where the firm also revealed it had exceeded 65 million customers and set a target of reaching 100 million by mid-2027.
South Africa, Africa’s biggest economy and often a starting point for global companies entering the continent, has a highly developed banking sector with world-class infrastructure. In recent years, several online-only banks have emerged, including TymeBank, Discovery Bank and Bank Zero, intensifying competition in the digital space.
Revolut’s move could face stiff competition in this crowded market, potentially making it a challenging entry for the firm.
Jacques Meyer, Revolut’s South Africa chief executive, said: “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.”
He added that obtaining a licence would enable Revolut to introduce a comprehensive suite of products and position itself as a leading financial app in the country.
The plans form part of Revolut’s broader global expansion strategy, with the company aiming to become one of the top three financial apps in every market it enters and to launch in 30 new countries by 2030.
Revolut is already operational in Europe, the UK, Australia, Japan, New Zealand, Singapore and the US. It anticipates launching as a bank in Mexico early next year, with further plans for Colombia and Argentina.
In the Asia-Pacific region, the firm is preparing to enter India following the acquisition of a payments licence, and is pursuing additional licences in Australia and New Zealand. Revolut has also recently secured a payments licence in the UAE as part of its Middle East expansion, and announced a new Western Europe headquarters in Paris.
