Wise, the global fintech company known for its low-cost international money transfers, has received conditional regulatory approval to begin operations in South Africa—officially setting the stage for its first market launch on the African continent.
The approval enables Wise to introduce its suite of cross-border payment services to millions of South Africans, offering faster, more transparent, and more affordable international transfers than traditional banking channels. The move represents a significant milestone for Wise as it deepens its global footprint and taps into Africa’s rapidly growing digital payments ecosystem.
The announcement follows UK Prime Minister Keir Starmer’s recent visit to South Africa during the G20 summit. Commenting on the development, Starmer described Wise as an example of British innovation with global impact, noting that the company’s international growth strengthens economic ties, supports British jobs, and contributes to wider economic collaboration.
Supporting South Africa’s Cross-Border Payments Reform
Wise’s expansion aligns with South Africa’s commitment to the G20 Roadmap for Enhancing Cross-Border Payments, a global effort aimed at making international payments cheaper, faster, and more transparent by 2027. South Africa is one of the leading countries participating in the initiative, and Wise’s entry is seen as a step toward accelerating these reforms.
By establishing operations in the country, Wise will provide South Africans—both individuals and businesses—with improved access to digital financial services, more competitive exchange rates, and real-time payment capabilities. The company’s platform is expected to reduce friction in remittances, business payments, and international commerce while supporting broader financial inclusion goals.
As Wise continues the regulatory approval process, its entry is anticipated to increase competition in South Africa’s financial services sector and enhance the overall customer experience for cross-border transactions.
