Revolut plans to launch digital banking services in South Africa by 2028.
The London-based fintech has submitted a license application to the South African Reserve Bank as it prepares to enter one of the continent’s most lucrative banking markets, as reported by Bloomberg.
The company intends to introduce a zero-fee account and tailored financial products once it secures regulatory approval.
Revolut has already generated substantial local interest, with a waitlist approaching 100,000 registrations.
“We aren’t interested in chasing customer acquisition numbers for the sake of a headline,”
said Jacques Meyer, CEO for South Africa, Revolut.
“Our focus is on delivering a disruptive experience that upgrades how people manage their money.”
Global expansion strategy
The planned South African launch represents a strategic entry point into the wider African market.
Revolut currently serves around 75 million users globally. It is simultaneously pursuing expansion into the UAE and the broader Middle East and North Africa region.
These moves follow the company’s broader regulatory efforts. They include securing a UK banking license to build out its local operations, as well as a pending application for a US banking charter.
Its core offering combines mainstream banking and low-cost overseas payments with artificial intelligence-assisted wealth management and cryptocurrency services.
Rising digital competition
Revolut will face an increasingly crowded landscape in South Africa. The market features established lenders responding with high-value services, alongside a growing number of digital challengers targeting the no-fee segment.
Recent entrants such as GoTyme Bank and Discovery Bank are actively capturing market share, while Old Mutual continues to scale its digital offerings following the recent public launch of OM Bank.
Meanwhile, retail giants like Pepkor Holdings and Shoprite Holdings are exploring ways to use their extensive loyalty programme data to expand their own financial services offerings.
Featured image credit: Edited by Fintech News UAE, based on image by Revolut
