Wise has received conditional regulatory approval from South Africa’s central bank to operate as a Category 2 Authorised Dealer in the Foreign Exchange Market with Limited Authority in the country.

The approval, which marks Wise's first-ever regulatory authorisation in Africa, with allow it to offer money transfer services to private customers in South Africa. South Africa is the continent's largest economy and one of its most advanced financial services centres, with significant cross-border payment flows.

Wise said its expansion into the region aims to meet growing demand for transparent and affordable international payment solutions, fuelled by increasing digitalisation and a large emigrant population.

As a member of the G20, South Africa has committed to following the G20 Roadmap for Better Cross-Border Payments, which aims to make international payments more accessible, transparent, fast and affordable by 2027.

Wise said its entry into the market will directly support these goals, with a partiuclar focus on transparency of information provided to end users.

British Prime Minister Keir Starmer welcomed the expansion, saying that the move showcases British excellence in creating solutions that improve the lives of people and businesses around the world, both domestically and internationally.

“This is yet another example of a thriving UK business expanding internationally, that success is good for British jobs, good for growth and good for business,” he said.

Nadia Costanzo, head of banking and expansion in Latin America and the Middle East at Wise, pointed out that although South Africans are among the most digitally savvy consumers on the continent, many still face high costs, poor price transparency and slow, inconvenient procedures 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,” she said.

Launched in 2011, Wise supported approximately 15.6 million individuals and businesses in the fiscal year 2025, processing over $185 billion in cross-border transactions and saving customers approximately $2.6 billion.

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