Revolut has set a target to launch in South Africa by 2028, with its waitlist nearing 100.000 registrations as it awaits regulatory approval.
According to Bloomberg, the fintech company submitted a licence application to the South African Reserve Bank in September and has confirmed it will proceed with product launches only after securing the necessary regulatory approvals.
Interest from prospective customers has already been considerable. Jacques Meyer, who leads Revolut's operations in South Africa, noted that demand for the company's products has been strong, with the waitlist nearing 100.000 registrations ahead of any official launch.
Regulatory pathway and competitive landscape
Revolut plans to introduce its product ecosystem in South Africa with offerings adapted for local market conditions. Among these is a zero-fee account, a feature the company has deployed in other markets to attract and retain users. The company has indicated that South Africa serves as its primary entry point for future expansion across the continent.
The South African banking sector is both large and competitive. Established lenders, which rank among the most profitable in the Europe, Middle East, and Africa region, are responding to growing digital competition by shifting focus to higher-value services. New entrants, including GoTyme Bank, Discovery Limited's banking arm, and Old Mutual Limited's bank, are gaining ground, with several already offering no-fee accounts. Retailers Pepkor Holdings and Shoprite Holdings are also moving into financial services, planning to leverage loyalty programme data to develop banking products.
In addition, Revolut's expansion plans extend well beyond Africa. The company is also advancing a launch in the United Arab Emirates and is weighing further growth across the Middle East and North Africa region. In the UK, Revolut recently received approval to offer full banking services, while in the US, the company has applied for a banking charter.
Beyond payments and current accounts, Revolut's product range includes artificial intelligence-assisted wealth management and cryptocurrency services. Co-founded and led by chief executive Nikolay Storonsky, the company has built its global user base through a combination of low-cost international payments and a broad portfolio of financial products.
Meyer indicated that Revolut's focus in South Africa is not on headline customer acquisition figures, but on delivering a meaningful change in how people manage their finances.
