Wise has secured conditional approval from the South
African Reserve Bank to operate in the country, marking the company’s first
regulatory license in Africa.
The UK-listed fintech can now offer personal money
transfers in South Africa, joining a market where demand for faster, cheaper,
and more transparent cross-border payments is growing.
Global fintech firm Wise has secured conditional approval from the South African Reserve Bank (SARB). The licence allows Wise to operate as a Category 2 Authorised Dealer in Foreign Exchange with Limited Authority.Click the link in our bio for more information. Read more:… pic.twitter.com/3xnPCfgyul
— Business Tech Africa (@BusinessTech_SA) December 1, 2025
Regulatory Nod Gives Wise First African Footprint
Commenting about the expansion, the UK Prime Minister Keir Starmer says: “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.”
The South African Reserve Bank (SARB) approved Wise as
a Category 2 Authorized Dealer in Foreign Exchange with Limited Authority
(ADLA). The license allows the firm to provide cross-border payment services
once final conditions are met.
South Africa, the continent’s largest economy, handles
significant international money flows, driven by a large diaspora and growing
digital adoption. Wise’s entry aims to reduce fees, increase speed, and improve
transparency compared to traditional providers.
Wise Expands Globally
The latest authorization adds to Wise’s growing
global presence, which now includes more than 70 regulatory approvals
worldwide. The company recently received in-principle approval to operate in
India as a payment aggregator, obtained a retail payments license in the UAE,
and became the first non-bank to go live on Japan’s Zengin payment network.
Last month, Wise reported £658 million in revenue for the first half of 2025, up 11% year on year. Its pre-tax profit, however,
declined 13% to £254.6 million.
The company has reportedly been exploring the possibility of applying for a banking license in the United Kingdom. The Times recently reported that
the company has contacted senior figures in the financial sector in recent
months about roles related to a potential banking operation.
If granted a license, Wise would join Revolut, which received a UK banking license from the Prudential Regulation Authority last year. Revolut’s license included restrictions, enabling the London-based firm
to gradually build its banking operations ahead of a full-scale launch.
This article was written by Jared Kirui at www.financemagnates.com.
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