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Wise, UK remittance firm, is launching in South Africa after receiving conditional approval from the South African Reserve Bank (SARB) to launch in the market.
South Africa is Wise’s first-ever regulatory approval in Africa and paves the way for its entry into South Africa, enabling it to offer transfers for personal customers in the country.
In a statement, UK Prime Minister Keir Starmer said: “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.”
Launched in 2011, Wise handles over 40 currencies, allowing users to move money between countries and spend money abroad. In fiscal year 2025, Wise supported around 15.6 million people and businesses, processing over $185 billion in cross-border transactions and saving customers around $2.6 billion.
South Africa is Africa’s most advanced financial services hub and the second largest economy after Nigeria. It has significant cross-border payment flows fueled by increasing digital adoption and a large diaspora population.
Wise’s entry into the market directly supports these goals, solving the growing demand for transparent, cost-effective international payment solutions.
“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,” said Nadia Costanzo, Director of Banking and Expansion LatAm & MEA at Wise.
Last month, Wise announced it had secured regulatory approvals by the Central Bank of the United Arab Emirates (CBUAE) to bring its suite of products to the country.
UAE is a lucrative market for Wise as it’s home to over 200 nationalities, where approximately $40 billion is moved annually across borders by individuals and businesses. In the UAE, Wise licence approvals allows users to send, spend and get paid via its platform.
Through these new approvals, Wise further expands its global licensing footprint, with over 70 regulatory licences worldwide including approval from the Reserve Bank of India (RBI) to operate as a payment aggregator and a licence for investment services in Australia.