British digital bank Revolut will open for business in South Africa in 2028, its first expansion on the continent, a company executive told Bloomberg.
Europe’s most valuable fintech company announced its intention to expand into South Africa in September, describing the country as “a key growth market” whose appeal lay in its diversified economy and rising digital adoption. Revolut, which offers a range of free and paid account plans, has since racked up nearly 100,000 applications but is awaiting regulatory approval from South Africa’s central bank for a license.
Africa’s digital banking scene features mostly homegrown startups that provide smartphone apps offering faster money transfers, quick loans, and interest on savings — all with the promise of less paperwork compared to traditional banks. TymeBank, Discovery, and Bank Zero offer fully digital retail banks in South Africa, for example.