The money milestone marks the UK company’s first regulatory foothold on the African continent.
The approval from the South African Reserve Bank (SARB) allows Wise to operate as a ‘Category 2 Authorised Dealer in Foreign Exchange with Limited Authority.’
This will pave the way for the London-listed company to begin offering international money transfers to South African personal customers.
It has been seen as a strategic move into one of the continent’s most active cross-border payment hubs – a market where millions send money abroad for family, education, investment and business.
“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,” said Nadia Costanzo, Wise’s director of banking and expansion for Latin America & the Middle East and Africa.
Who are Wise?
Wise, formerly known as TransferWise, is a British financial technology company focused on global money transfers.
Headquartered in London, it was founded in 2011. As of 2023, it offers three main products: Wise Account, Wise Business, and Wise Platform.
In its 2025 financial year, the company processed £145-billion in international transfers for roughly 15.6 million customers.
Unlike banks and many traditional remittance providers, Wise uses the “mid-market” exchange rate – the same one seen on Google – without hidden markups.
Customers instead pay a small, transparent fee upfront, displayed before confirming a transfer.
The company argues this model directly supports South Africa’s commitment to the G20 Roadmap for Enhancing Cross-Border Payments, a global push to make remittances faster, cheaper and more transparent by 2027.
Revolut officially applies for banking licence in SA
In related news, another major fintech player with headquarters in London recently kicked off its South African expansion after applying for a full commercial banking licence.
Revolut, a digital bank that also offers highly-competetive forex rates, confirmed it has submitted a Section 12 application to the Prudential Authority inside the SARB.
If approved, Revolut would be able to offer full banking services to South Africans. Read more on that story here.
