The global fintech giant has also appointed respected veteran banker Gaby Magomola as chair of its local business.
The move signals Revolut’s intent to become a major player in one of Africa’s most competitive and closely-watched banking markets.
Who are Revolut?
Revolut, is a global financial technology company headquartered in London. It was founded in July 2015 by Nikolay Storonsky and Vlad Yatsenko.
As of 2025, Revolut operates in over 48 countries and has 65 million customers. It was valued at $75 billion in November 2025.
A formal bid to become a South African bank
The company confirmed it has submitted a Section 12 application to the Prudential Authority inside the South African Reserve Bank. This is the first major step required for any new bank to set up shop in the country.
If approved, Revolut would be able to offer full banking services instead of operating only through payments permissions, as it does in some other markets.
Revolut first announced its SA ambitions in September, calling the country a “key growth market.” The licence bid forms part of the digi-bank’s global plan to reach 100 million customers by 2027.
Gaby Magomola adds local firepower
To bolster its credibility, Revolut has appointed financial industry heavyweight Gaby Magomola as chair of Revolut South Africa from January 2026.
Magomola has held senior roles at Citibank, Barclays, First National Bank and African Bank, and more recently served as deputy chair of the Development Bank of Southern Africa.
He is widely known for championing financial inclusion and transformation in the sector.
“Revolut has proven to be a catalyst for change in global finance,” Magomola said at his appointment.
“The goal in South Africa is not just to launch a product, but to champion greater financial access and innovation for everyone across the country.”
A competitive digital banking battlefield
Revolut is joining an already busy digital banking market in South Africa.
TymeBank, Discovery Bank and Bank Zero have together attracted millions of customers. The big four banks meanwhile have poured billions into their own digital platforms.
TymeBank leads the pack with more than 8.5 million customers, Discovery Bank has about 2 million, and Bank Zero has passed 700 000.
This means Revolut will need a standout offering to reach its goal of becoming a “top three” financial app in every market it enters.
