Global fintech company Wise has secured conditional approval from the South African Reserve Bank to operate as a “Category 2 Authorised Dealer in Foreign Exchange with Limited Authority”, clearing the way for its launch in South Africa, according to TECHCENTRAL.
The approval – Wise’s first in Africa – will allow the London-listed company to offer international money transfer services to personal customers in South Africa, a market characterised by high cross-border payment volumes, strong digital adoption and a large diaspora community.
„We can’t wait to bring our service to millions of South Africans – making it faster, cheaper and more transparent for them to move and manage their money.” – the company said.
UK Prime Minister Keir Starmer, who visited the country during the G20 summit, said: “Wise’s expansion into South Africa not only strengthens ties with one of Africa’s most dynamic economies but also showcases British excellence in building solutions that make life better for people and business worldwide, both at home and abroad. This is yet another example of a thriving UK business expanding internationally, that success is good for British jobs, good for growth and good for business.”
South Africa has committed to the G20 Roadmap for Enhancing Cross-Border Payments, which aims to make international payments more accessible, transparent, faster, and cheaper by 2027 – and Wise’s expansion to South Africa helps support these goals.
„In November we reached a milestone that is very close to my heart – Wise’s first regulatory approval in Africa. This is something I’ve been working on for a long time and I couldn’t be more excited to bring our services in a more meaningful way to a region that is so dear to me, and most importantly a region that deserves the same kind of affordability and transparency in financial services as we get in other parts of the world.” – said Nadia Costanzo, Wise’s director of banking and expansion for Latin America & the Middle East and Africa
She explained that many South Africans remain underserved when sending money abroad. “Despite being among the most digitally savvy consumers on the continent, many still face high costs, poor price transparency and slow, inconvenient processes,” she said.
Securing approval from the Reserve Bank is a “significant step” in Wise’s African ambitions, Costanzo added. The company plans to continue engaging with the central bank as South Africa modernises its regulatory framework to encourage financial innovation.
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