Global financial technology leader Revolut has officially submitted its Section 12 application to the Prudential Authority of the South African Reserve Bank, marking the first formal step toward establishing a fully licensed bank in South Africa under the Banks Act. This milestone represents Revolut’s strategic entry into Africa and its ambition to become the world’s first truly global bank.
Leadership Appointment: Dr Gaby Magomola Named Chairman
Alongside the application, Revolut announced the appointment of Dr Gaby Magomola, former CEO of African Bank, as Chairman of Revolut South Africa. Magomola brings decades of experience in banking, governance, and economic transformation, having held senior roles at Citibank, Barclays, and FNB, and recently serving as Deputy Chairman of the Development Bank of Southern Africa.
Revolut stated:
His appointment marks an important milestone in Revolut’s commitment to responsible growth, innovation, and access in South Africa’s evolving financial landscape.
Strategic Expansion into Africa
Revolut’s expansion into South Africa was first announced on 23 September during the launch of its new global headquarters in London. On 14 November, the company confirmed the submission of its Section 12 application and Magomola’s appointment, signaling its intent to compete with both traditional banks and emerging digital challengers in the region.
Jacque Meyer, CEO of Revolut South Africa, commented:
Dr Magomola’s experience is invaluable as we deepen our commitment to the South African market. His strategic counsel will be critical in navigating the local regulatory environment and ensuring we build a locally relevant service that addresses the financial needs of all customers.
Revolut’s Global Ambition
With over 65 million retail customers worldwide, Revolut is rapidly expanding its footprint. The company aims to become a top-three financial app in every market and enter 30 new markets by 2030. Already operational across Europe, the UK, Australia, Japan, New Zealand, Singapore, and the US, Revolut is progressing on licensing in key regions, including Mexico, Colombia, and Argentina.
What Revolut Offers
Often described as a ‘neobank’, Revolut provides a comprehensive suite of digital financial services through its mobile app, including:
- Domestic and international transfers
- Debit and credit cards
- Stock and crypto trading
- Savings accounts and loans
Becoming a licensed bank in South Africa will allow Revolut to offer its full product suite, positioning it as a major competitor in the country’s evolving financial ecosystem.
