Revolut is preparing a formal banking launch in South Africa as it deepens its expansion into major global markets. The London based fintech is pairing this move with heavyweight local leadership, signaling a long term commitment rather than a tactical experiment. At the heart of the strategy is the appointment of former African Bank CEO Dr Gaby Magomola as chairman of Revolut South Africa alongside the start of the local licensing process.
Regulatory progress in South Africa
Revolut has filed a Section 12 application with the Prudential Authority of the South African Reserve Bank, the mandatory first step toward obtaining a full banking license under local law. This shifts the company from the margins of the financial system to the path of becoming a fully regulated bank, subject to domestic capital and risk standards. While Revolut has not yet shared a launch date or detailed product roadmap, the filing confirms its intention to build a substantial and permanent presence in one of Africa’s most advanced banking markets.
Profile of Dr Gaby Magomola
To anchor its South African operation, Revolut has appointed Dr Gaby Magomola as chairman, with his tenure scheduled to begin in January 2026. Magomola is widely regarded as one of South Africa’s banking pioneers, having held senior positions at Citibank, Barclays and First National Bank before serving as CEO of African Bank. He later became deputy chairman of the Development Bank of Southern Africa, sat on key board committees for audit, risk and nominations, and received honors including Unisa’s chancellor award, an honorary doctorate in commerce and economics and international civic recognition.
Governance, product strategy and Meyer’s role
Revolut has framed Magomola’s appointment as a statement about responsible growth, strong governance and alignment with South Africa’s transformation agenda, while emphasizing his role in navigating local regulation. Globally, the company varies its model by market, sometimes operating as a lean fintech focused on payments and foreign exchange and sometimes offering a full suite of banking products, and it has indicated that Magomola’s experience will shape how that model is adapted to South Africa. Day to day execution is led by Revolut South Africa CEO Jacques Meyer, who previously held senior roles at Discovery Bank and TymeBank, helped launch Zaidi at Commercial International Bank in Egypt and worked at the South African Revenue Service and McKinsey, giving him experience across regulation, digital banking and operations.
Market readiness and competitive landscape
Meyer has argued that South Africans are ready for a new approach to banking, pointing to rapid adoption of app based accounts and digital credit over the past decade. Revolut will enter a market where incumbents and digital challengers already compete aggressively on price, user experience and data driven lending, rather than a space with limited choice. The combination of Meyer’s operational track record and Magomola’s institutional standing is designed to give the company both execution power and regulatory credibility as it seeks to carve out a position in this crowded environment.
Revolut’s South African strategy goes beyond a routine market launch and will test whether its global super app vision can be localized to a tightly regulated and highly contested banking system. By pairing a formal banking license application with the appointment of Dr Gaby Magomola as chairman and relying on the execution skills of CEO Jacques Meyer, the company is signaling that it plans to be a long term participant in the country. The outcome will determine whether Revolut can move from being a high profile fintech brand to becoming a mainstream banking player in South Africa’s financial landscape.