Global fintech powerhouse Revolut is gearing up for its entry into South Africa and has made a strategic leadership move to spearhead its ambitions. The company has appointed Gaby Magomola as Chairman of Revolut South Africa, signaling its intent to establish a strong foothold in one of Africa’s most competitive financial markets.
Magomola is no stranger to high-stakes leadership. With a career spanning over four decades, he brings deep expertise in finance, governance, and economic transformation. His impressive track record includes serving as CEO of African Bank and holding senior roles at Citibank, Barclays, First National Bank (FNB), and the Development Bank of Southern Africa. This wealth of experience positions him as a key asset for Revolut’s South African strategy.
Gaby Magomola steps in as Revolut transitions from interim leadership and advances its regulatory journey. The company has filed its Section 12 application with the Prudential Authority, marking the first major step toward securing a full South African banking license. This move comes at a time when competition in the local digital banking space is intensifying, making regulatory expertise and operational leadership critical.
While Revolut’s South African playbook remains under wraps, Magomola’s appointment sends a clear message: the company is serious about scale, compliance, and market penetration. His regulatory fluency and banking acumen will be instrumental in navigating complex frameworks and positioning Revolut as a formidable player in the region.
