Johannesburg – Revolut has taken a formal step toward entering the African market after submitting its application for a South African banking licence in mid November. The move signals the global fintech giant’s plan to set up a fully fledged digital bank in the country following months of internal assessments.
The application follows the company’s announcement in September during the opening of its global headquarters in London where it revealed its intention to expand to South Africa. The decision marks its first attempt to establish banking operations on the continent.
As part of its preparations, Revolut has appointed Dr Gaby Magomola as chairman of its South African business. The group said Magomola’s extensive background in finance and governance will guide its entry into the local market. His career includes senior roles at Citibank, Barclays and FNB, as well as serving as CEO of African Bank. He recently stepped down as deputy chairman of the Development Bank of Southern Africa.
Revolut South Africa CEO Jacques Meyer said Magomola’s expertise will support the company as it prepares to navigate the regulatory environment and tailor its services to local needs.
Revolut’s arrival is expected to add competition in South Africa’s growing digital banking space which already includes TymeBank, Discovery Bank and Bank Zero. The sector has expanded rapidly, with TymeBank valued at R26.7 billion at the end of 2024 and Discovery Bank reaching one million clients by September of the same year. Bank Zero is currently in the process of being acquired by Lesaka Technologies in a deal worth R1.1 billion.
Meyer said the company sees space for another strong contender in the digital banking sector and believes the local market is ready for new offerings built around customer driven technology.
The company is shifting its global approach to focus on full banking licences rather than smaller permits that limit product functions. Revolut’s co founder, Nik Storonsky, has said the business is prioritising complete licences or buying existing banks to ensure it can offer full scale services.
Founded in 2015, Revolut now serves more than 65 million customers worldwide, including 12 million in the United Kingdom. The company aims to reach 100 million customers by mid 2027 and expand into over 30 new markets by 2030.
The South African application is part of a broader expansion plan backed by a fundraising round that values the company at around 75 billion dollars. Revolut has committed to investing 13 billion dollars over the next five years to support its growth across various regions including Europe, the United States, Latin America, the Middle East and now Africa. The group has also recently secured a payments licence in the United Arab Emirates and is assessing a potential bank acquisition in the United States.
If approved by South African regulators, Revolut will be permitted to offer a full range of banking services including accounts, lending products and investments. The company plans to create 10 000 jobs globally over the next five years as part of its expansion drive.
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