CFD Brokers’ Widely-Listed Funding Option Wise Enters Africa

Wise has secured conditional approval from the South African Reserve Bank to operate in the country, marking the company’s first regulatory license in Africa.

The UK-listed fintech can now offer personal money transfers in South Africa, joining a market where demand for faster, cheaper, and more transparent cross-border payments is growing.

Global fintech firm Wise has secured conditional approval from the South African Reserve Bank (SARB). The licence allows Wise to operate as a Category 2 Authorised Dealer in Foreign Exchange with Limited Authority.

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Regulatory Nod Gives Wise First African Footprint

Commenting about the expansion, the UK Prime Minister Keir Starmer says: “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.

“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.”

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The South African Reserve Bank (SARB) approved Wise as a Category 2 Authorized Dealer in Foreign Exchange with Limited Authority (ADLA). The license allows the firm to provide cross-border payment services once final conditions are met.

South Africa, the continent’s largest economy, handles significant international money flows, driven by a large diaspora and growing digital adoption. Wise’s entry aims to reduce fees, increase speed, and improve transparency compared to traditional providers.

Wise Expands Globally

The move aligns with South Africa’s commitments under the G20 Roadmap for Enhancing Cross-Border Payments. The initiative aims to make international payments faster, cheaper, and more transparent by 2027.

The South African license adds to Wise’s growing global presence, which now includes more than 70 regulatory approvals worldwide. The company recently received in-principle approval to operate in India as a payment aggregator, obtained a retail payments license in the UAE, and became the first non-bank to go live on Japan’s Zengin payment network.

Expect ongoing updates as this story evolves.