UK-based fintech Wise to launch in South Africa following Reserve Bank approval
UK fintech company Wise has secured conditional approval from the South African Reserve Bank to begin operations in the country, setting the stage for its first expansion into Africa. The approval grants Wise the status of a Category 2 Authorised Dealer in Foreign Exchange with Limited Authority, enabling it to offer international money transfers to personal customers.
The license means South Africans will soon be able to send money abroad through Wise at the real mid-market rate and a small upfront fee. This comes at a time when many people in the country still face high charges, slow settlement times, and unclear pricing when transferring funds across borders.
Wise’s approval comes amid growing cross-border payment activity in South Africa, supported by a large diaspora community and strong digital adoption. Although the company has not confirmed a launch date, the licence brings it significantly closer to entering one of the continent’s busiest financial markets.
Read more: https://technext24.com/2025/12/01/wise-to-launch-in-south-africa-approved/
