Digital Banking Giant Revolut Eyes South Africa, Prepares for Market Entry

London-based digital banking powerhouse Revolut is reportedly taking steps to establish operations in South Africa, with an application for a full banking license already in progress. This strategic move signals the company’s intent to challenge established digital banks such as TymeBank, Discovery Bank, and Bank Zero in one of Africa’s most dynamic financial markets.

A spokesperson for Revolut confirmed the company’s interest in South Africa, stating, “South Africa is a market we are evaluating, and one we see as attractive. However, we are quite early in the process.” While the company has not yet detailed its launch plans, the appointment of Tom Morrison as Head of Strategy & Operations in South Africa underscores its commitment to building a local presence.

Revolut’s suite of financial services includes multi-currency accounts, commission-free currency exchange, stock and commodity trading, and cryptocurrency investments. These offerings could disrupt South Africa’s banking industry by providing more affordable and flexible financial solutions compared to traditional banks.

The company’s expansion into South Africa aligns with its broader global growth strategy, which recently saw it strengthening its presence in the Middle East and North Africa (MENA) region. With backing from investors such as Abu Dhabi’s sovereign wealth fund, Mubadala, Revolut has been securing regulatory approvals and expanding its digital infrastructure across multiple markets.

Additionally, Revolut has enhanced its Mobile Wallets feature, enabling faster and more efficient remittances from Europe to Africa through partnerships with Airtel, Orange Money, and MTN. This expansion highlights the company’s focus on catering to Africa’s increasing reliance on mobile-based financial transactions.

As Revolut prepares to navigate South Africa’s regulatory framework and competitive banking landscape, its entry could intensify competition in the digital banking sector. With a global valuation of $45 billion, Revolut will be up against strong local players, including TymeBank, valued at $1.5 billion. The industry will be closely watching how the company adapts its offerings to meet the needs of South African consumers and businesses.