London-based fintech Wise will expand to Africa for the first time, having secured regulatory approval from the South African Reserve Bank.
Under its new regulatory licence, Wise has been approved to operate as a Category 2 Authorised Dealer in Foreign Exchange with Limited Authority.
With its approval secured the London-listed group now aims to begin operations in South Africa, the largest economy on the continent.
A G20 member, South Africa has previously committed to the Roadmap for Enhancing Cross-Border Payments, a scheme to make international remittance more accessible and transparent by 2027.
With Wise’s expansion into the country, it will have access to the firm’s flagship international payments products in support of this goal.
“South Africans are among the most digitally savvy consumers on the continent, yet many still face high costs, poor price transparency, and slow, inconvenient processes when sending money abroad,” said Nadia Costanzo, director of banking and expansion for LatAm and MEA at Wise.
“Our first regulatory approval in Africa marks a significant step forward in our mission to give South Africans access to a faster, cheaper, and more transparent way to send money abroad – and we’re grateful for the Reserve Bank’s collaboration and support throughout the process. We look forward to actively engaging with SARB as it continues to modernise and develop its regulatory framework to fuel financial innovation.”
Prime Minister Keir Starmer commented on the move, claiming that the expansion of the British fintech to South Africa “strengthens ties” between the nations and “showcases British excellence in building solutions that make life better for people and business worldwide”.
He added: “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.”
