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UK fintech Wise to launch in South Africa


UK fintech Wise to launch in South Africa

Global fintech company Wise has secured conditional approval from the South African Reserve Bank to operate as a “Category 2 Authorised Dealer in Foreign Exchange with Limited Authority”, clearing the way for its launch in South Africa.

The approval – Wise’s first in Africa – will allow the London-listed company to offer international money transfer services to personal customers in South Africa, a market characterised by high cross-border payment volumes, strong digital adoption and a large diaspora community.

South Africa is the continent’s most developed financial hub, with residents and businesses routinely sending and receiving payments across borders. Yet fees remain high, transparency is often poor and transaction times can be slow – problems Wise believes it can help resolve.

South Africa, as a G20 member, has committed to the G20 Roadmap for Enhancing Cross-Border Payments, which aims to make global payments faster, cheaper and more transparent by 2027. Wise said its model directly supports these objectives, particularly the road map’s focus on improving price clarity for end users.

Unlike banks and traditional remittance providers, Wise uses the real “mid-market” exchange rate without adding hidden markups. Instead, customers pay a small, upfront fee displayed before completing a transaction.

UK Prime Minister Keir Starmer welcomed the expansion in a statement, saying it strengthens ties with one of Africa’s most dynamic economies and highlights “British excellence” in financial technology.

Underserved

Nadia Costanzo, Wise’s director of banking and expansion for Latin America & the Middle East and Africa, said many South Africans remain underserved when sending money abroad. “Despite being among the most digitally savvy consumers on the continent, many still face high costs, poor price transparency and slow, inconvenient processes,” she said.

Securing approval from the Reserve Bank is a “significant step” in Wise’s African ambitions, Costanzo added. The company plans to continue engaging with the central bank as South Africa modernises its regulatory framework to encourage financial innovation.

Founded in 2011, Wise has grown into one of the world’s most prominent cross-border payment platforms. In its 2025 financial year, the company processed £145-billion in international transfers for around 15.6 million customers.

Read: Fragmented digital IDs are slowing Africa’s fintech boom

Wise did not confirm when its South African service will go live, but approval from the Reserve Bank brings it closer to launching in one of the most strategically important markets on the continent.  – © 2025 NewsCentral Media

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Edited for Kayitsi.com

Kayitsi.com
Author: Kayitsi.com

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