Wise has received conditional approval from the South African Reserve Bank to allow the company to operate as a Category 2 Authorised Dealer in Foreign Exchange with Limited Authority. This marks its first regulatory approval on the African continent and sets the stage for the company to begin offering international money transfer services to personal customers in South Africa.
The approval allows Wise to officially enter South Africa. The country has significant cross-border payment activity which is mostly driven by high digital adoption and a huge diaspora community. These factors continue to increase demand for faster, transparent, and affordable global payment options.
Wise uses the mid-market exchange rate that is visible on platforms like Google or Reuters. The company states that it does not apply hidden markups and instead charges a small fee that is clearly displayed upfront.
UK Prime Minister Keir Starmer said that the expansion strengthens ties between the UK and South Africa. He added, “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.”
Nadia Costanzo, Director of Banking and Expansion LatAm and 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.”
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