Wise Receives Conditional Regulatory Approval to Launch in South Africa, Marking Company’s First License in Africa

Wise (LON: WISE), the global technology company building the best way to move and manage the world’s money, has secured conditional approval from the South African Reserve Bank (SARB) to operate as a Category 2 Authorised Dealer in Foreign Exchange with Limited Authority (ADLA).

This approval marks Wise’s first-ever regulatory approval in Africa and paves the way for its entry into South Africa, enabling it to offer transfers for personal customers in the country.

South Africa is the continent’s largest economy and one of the most advanced financial services hubs with significant cross-border payment flows. This drives growing demand for transparent, cost-effective international payment solutions, fueled by increasing digital adoption and a large diaspora population.

Supporting South Africa’s G20 Commitments on Cross-Border Payment Transparency

As a G20 member, South Africa has committed to the G20 Roadmap for Enhancing Cross-Border Payments, which aims to make international payments more accessible, transparent, faster, and cheaper by 2027. Wise’s entry into the market directly supports these goals, particularly Building Block 2 of the Roadmap, which focuses on transparency of information provided to end users.

Unlike traditional providers, Wise uses the mid-market exchange rate – the real rate seen on Google or Reuters – with no hidden markups. Customers pay only a small, transparent fee, which is shown upfront.

UK Prime Minister Keir Starmer says: “Wise’s expansion into South Africa not only strengthens ties with one of Africa’s most dynamic economies but also showcases British excellence in building solutions that make life better for people and business worldwide, both at home and abroad.

“This is yet another example of a thriving UK business expanding internationally, that success is good for British jobs, good for growth and good for business.”

Nadia Costanzo, Director of Banking and Expansion LatAm & MEA at Wise, said: “South Africans are among the most digitally savvy consumers on the continent, yet many still face high costs, poor price transparency, and slow, inconvenient processes when sending money abroad.

“Our first regulatory approval in Africa marks a significant step forward in our mission to give South Africans access to a faster, cheaper, and more transparent way to send money abroad – and we’re grateful for the Reserve Bank’s collaboration and support throughout the process. We look forward to actively engaging with SARB as it continues to modernise and develop its regulatory framework to fuel financial innovation.”

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