Wise has obtained conditional approval from the South African Reserve Bank to operate as a Category 2 Authorised Dealer in Foreign Exchange with Limited Authority. The move would allow the company to introduce international transfer services for individuals in South Africa. It’s worth noting that the approval represents the company’s first regulatory foothold on the African continent.
South Africa, the region’s largest economy, experiences substantial cross-border payment volumes driven by its dispersed global community and expanding use of digital financial services. The decision by SARB allows Wise to participate in a market where calls for clearer pricing and more efficient transfer mechanisms have increased in recent years.
Alignment with cross-border payment reforms
As part of its commitments under the G20 Roadmap for Enhancing Cross-Border Payments, South Africa is working toward improving speed, cost, and transparency in international transactions by 2027. Wise’s model, which displays fees upfront and applies the mid-market exchange rate without additional mark-ups, aligns with elements of the initiative focused on increasing clarity for consumers.
Officials from the UK government described the development as strengthening economic ties between the two countries, noting that it reflects the global reach of British financial service providers. They described Wise’s expansion as an example of UK-based firms continuing to increase their international presence.
Representatives from Wise said the authorisation would help address long-standing issues faced by South African users, including delays, opaque pricing structures, and comparatively high charges for sending money abroad. They added that cooperation with the Reserve Bank had been constructive and that the company intends to maintain engagement as the regulator advances efforts to modernise its oversight framework.
Wise, founded in 2011, provides multi-currency accounts for individuals and businesses and also supplies infrastructure used by banks and larger enterprises. For the fiscal year 2025, the company reported processing approximately GBP 145 billion in cross-border transfers for around 15.6 million customers.
