Wise has received conditional regulatory approval to launch its services in South Africa, marking its first expansion into the African continent.
The move is expected to make international money transfers faster, more affordable, and more transparent for millions of South Africans, broadening access to digital financial services in the region.
According to TechAfrica News, Wise’s entry into South Africa comes shortly after UK Prime Minister Keir Starmer’s visit to the country during the G20 summit.
Commenting on the development, the Prime Minister highlighted that the expansion strengthens ties with one of Africa’s most dynamic economies and showcases British expertise in developing solutions that support individuals and businesses globally.
He further noted that international growth of this nature has positive implications for British employment, economic development, and business performance.
Wise’s launch in South Africa also aligns with the country’s commitment to the G20 Roadmap for Enhancing Cross-Border Payments, a global initiative aimed at making international transactions more accessible, transparent, faster, and cost-effective by 2027.
By establishing a presence in South Africa, Wise is contributing to these objectives while providing local customers with improved options for digital financial management.
The fintech firm has emphasised its focus on delivering reliable and efficient cross-border payment services, underlining the benefits of digital finance for both individuals and businesses.
South Africa’s entry into Wise’s network reflects the growing importance of the African market in global financial services, as well as the broader trend of fintech companies expanding beyond traditional markets to meet rising demand for seamless, technology-driven financial solutions.
This strategic expansion positions Wise as one of the international fintech players supporting South Africa’s digital financial ecosystem while advancing global efforts to improve the efficiency and affordability of cross-border payments.
Featured image credit: Edited by Fintech News Middle East, based on image by Kathrine Heigan via Unsplash
