Johannesburg’s cityscape at dusk, highlighting vibrant lights and urban development amid South Africa’s economic growth.
Digital banking giant Revolut plans to launch in South Africa by 2028 and says customer interest is already surging, with nearly 100,000 people joining its waitlist. The London-based fintech has applied for a license from the South African Reserve Bank and intends to offer its signature banking ecosystem, including a zero-fee account, once approved. South Africa represents Revolut’s strategic gateway into the broader African market, alongside upcoming expansions into the United Arab Emirates and the wider Middle East. With around 75 million users globally, Revolut has built its reputation on low-cost international payments, digital banking, cryptocurrency services, and AI-powered wealth management. Its arrival is likely to intensify competition in one of Africa’s most sophisticated banking sectors, where established lenders and fast-growing digital challengers such as GoTyme Bank are already competing aggressively for customers.
Bloomberg