Revolut is aiming to enter South Africa by 2028, with the fintech already reporting notable early interest in its digital banking offering in Africa’s biggest economy, reported Bloomberg.
“We are already seeing exceptional demand for our product, and our waitlist is fast approaching 100,000 registrations,” Jacques Meyer, who leads the company’s operations in South Africa, said.
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“We aren’t interested in chasing customer acquisition numbers for the sake of a headline; instead, our focus is on delivering a majorly disruptive experience that fundamentally upgrades how people manage their money.”
A company spokesperson said Revolut intends to roll out its signature ecosystem in South Africa with products adapted for the domestic market.
The group filed a licence application with the South African Reserve Bank in September and plans to introduce products, including a zero-fee account, once regulatory clearance is obtained.
The company regards South Africa as a key point of entry for its African operations and plans further expansion across the continent.
It is also preparing to launch in the United Arab Emirates and is looking at broader growth in the Middle East and North Africa.
In March, Revolut secured approval in the UK to provide full banking services and has applied for a US banking charter.
Revolut, co-founded and run by chief executive Nikolay Storonsky, has about 75 million users globally.
Among newer players are billionaire Patrice Motsepe’s GoTyme Bank, Discovery’s lender and Old Mutual’s bank.
Retail groups Pepkor Holdings and Shoprite Holdings are planning to use loyalty programme data to broaden their banking activities.
