Revolut Applies for South African Banking Licence
Revolut, the global financial super app serving over 65 million retail customers worldwide, has announced a major step in its South African expansion by appointing Dr. Gaby Magomola as Chairman of Revolut South Africa and officially submitting its Section 12 application under the Banks Act — the first formal step toward obtaining a local banking licence.
Dr. Magomola, one of South Africa’s most respected banking pioneers, brings decades of experience spanning finance, governance, and economic transformation. His appointment signals Revolut’s commitment to building a sustainable and inclusive financial ecosystem in South Africa, aligning with the nation’s broader goals of financial innovation and accessibility.
“Dr. Magomola’s experience is invaluable as we deepen our commitment to the South African market,” said Jacques Meyer, CEO of Revolut South Africa. “His strategic counsel will be critical in , ensuring we build a locally relevant service that addresses the financial needs of all customers.”
Takeaway
Dr. Magomola: A Pioneer of South African Banking and Economic Reform
Dr. Magomola’s leadership career spans several of South Africa’s most prominent financial institutions. He has held senior executive positions at Citibank, Barclays Bank, First National Bank, and served as Chief Executive of African Bank. Most recently, he was Deputy Chairman of the Development Bank of Southern Africa (DBSA), where he contributed to the Audit and Risk, and Nominations Committees.
Beyond his corporate achievements, Dr. Magomola has been a leading voice in driving inclusive economic transformation and ethical business leadership. His accolades include the University of South Africa Chancellor’s Award (2022), an Honorary Doctorate in Commerce and Economics from the University of Zululand (2023), and the Freedom of the City of Birmingham (USA). He will formally assume his new role in January 2026.
“Revolut has proven to be a catalyst for change in global finance, and I look forward to guiding its Africa,” said Dr. Gaby Magomola. “Our goal is not just to launch a product, but to champion greater financial access and innovation for everyone across the country.”
Takeaway
Revolut’s Strategic Vision for the South African Market
Revolut’s formal entry into South Africa marks a significant step in its . The company aims to bring its suite of digital banking services — from multi-currency accounts and instant transfers to savings, investments, and cards — to one of Africa’s most .
The Section 12 application submission initiates the regulatory process toward securing a South African banking licence, underscoring Revolut’s intent to operate as a locally regulated institution. Once approved, Revolut would join a select group of international fintechs establishing on-the-ground banking operations in the region.
With its combination of AI-driven financial tools, cost-efficient transfers, and intuitive mobile experience, Revolut plans to empower South African consumers with transparent, accessible digital banking options while maintaining strong standards.
Takeaway
