Revolut has announced plans to apply for a banking license in South Africa.
The company will work closely with the South African Reserve Bank (SARB) throughout the process.
The announcement was made at the opening of Revolut’s new global headquarters in London, where it also confirmed its global customer base has surpassed 65 million, with a target of reaching 100 million by mid-2027.
South Africa is described by the company as a key growth market, supported by its diversified economy, rising digital adoption, and demand for new financial services.
Securing a commercial banking licence would enable Revolut to provide a wider range of products tailored to local customers.
The move marks Revolut’s first license application in Africa.
The company has stated it intends to expand further across the continent as part of its aim of becoming what it calls the first “truly global bank.”
Jacques Meyer, Revolut’s Chief Executive for South Africa, 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. 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 continues to extend its international presence, with a stated goal of becoming a top three financial app in each market it enters and expanding into 30 additional countries by 2030.
In Latin America, Revolut expects to begin operating as a bank in Mexico early next year and is also preparing to enter Colombia and Argentina.
In Asia-Pacific, it is planning to launch in India following the approval of a payments license, and is seeking further licenses in Australia and New Zealand.
In the Middle East, the firm has obtained a payments license in the UAE, while in Europe it has recently established a Western Europe headquarters in Paris.
Featured image credit: Edited by Fintech News Middle East, based on image by wirestock via Freepik
