Revolut, a London-based fintech that offers digital banking, payments, wealth tools, and crypto services, plans to launch in South Africa by 2028 after submitting a banking license application in September.

The company said its waitlist was approaching 100,000 registrations.

Revolut said it would introduce products for local users, including a zero-fee account, after securing regulatory approvals.

In South Africa, new banks are regulated by the Prudential Authority within the South African Reserve Bank.

For foreign banks, a local branch needs authorization from the Prudential Authority.

The regulator must also be satisfied that the bank is properly supervised in its home market, and the branch must register as an external company.

Revolut, which said it has about 75 million users globally, is entering a competitive market.

Competitors include GoTyme Bank, which payments vendor BPC said had more than 12 million customers in South Africa as of March 2026, as well as digital banking offerings from Discovery and Old Mutual.

A South Africa launch would extend Revolut’s expansion into the United Arab Emirates and the broader Middle East and North Africa region.

The company has also applied for a US banking charter.

🔗 Source: Bloomberg

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