Revolut has appointed Dr Gaby Magomola as Chairman of Revolut South Africa, as the company moves forward with its plans to establish a bank in the country.
The announcement follows Revolut’s submission of its Section 12 application, the first formal step under the Banks Act.
Dr Magomola is regarded as one of South Africa’s most experienced banking figures, with senior roles at Citibank, Barclays Bank, First National Bank, and African Bank, where he served as Chief Executive.
He recently stepped down as Deputy Chairman of the Development Bank of Southern Africa, where he also contributed to the Audit and Risk and Nominations Committees.
His career includes board positions across several listed and unlisted companies.
He has long advocated for inclusive economic growth and ethical leadership, earning recognition including the University of South Africa Chancellor’s Award (2022), an Honorary Doctorate in Commerce and Economics from the University of Zululand (2023), and the Freedom of the City of Birmingham, USA.
He will assume the role in January 2026.
Dr Gaby Magomola, Incoming Chairman, said:
“Revolut has proven to be a catalyst for change in global finance, and I look forward to guiding its mission in South Africa. Our goal is not just to launch a product, but to champion greater financial access and innovation for everyone across the country.”
Featured image credit: Edited by Fintech News Middle East, based on image by alinurmagomedov2006 via Freepik
