Wise, the British financial technology company, has officially received conditional regulatory approval to operate in South Africa, marking its first expansion into Africa.
The company expressed excitement about entering the market, noting that millions of South Africans will soon benefit from faster, cheaper, and more transparent international money transfers.
The approval comes shortly after UK Prime Minister Keir Starmer’s visit to South Africa during the G20 summit. Commenting on Wise’s expansion, the Prime Minister stated that the move strengthens economic ties with one of Africa’s most dynamic economies while highlighting British innovation in building solutions that improve life for people and businesses globally.
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In his words,
“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.”
Also speaking, Nadia Costanzo, Director of Banking and Expansion LatAm & 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. We look forward to actively engaging with SARB as it continues to modernise and develop its regulatory framework to fuel financial innovation.”
South Africa is committed to the G20 Roadmap for Enhancing Cross-Border Payments, an initiative aimed at making global payments more accessible, transparent, fast, and affordable by 2027. Wise’s entry into the African country aligns with and supports these national and global objectives.
By lowering costs and simplifying global money movement, Wise will enable more South Africans to:
•Pay for online services globally
•Receive payments from international employers
•Engage in global e-commerce and gig-economy work.
Notably, Wise’s entry into South Africa comes after the global technology company in October this year, secured regulatory approvals by the Central Bank of the United Arab Emirates (CBUAE) to bring its suite of products to the country.
Co-founded by Kristo Käärmann and Taavet Hinrikus, Wise formerly known as TransferWise was launched in 2011. Today, it stands as one of the world’s fastest-growing and profitable technology companies, publicly traded on the London Stock Exchange under the ticker WISE.
With over 16 million users worldwide, the fintech processes approximately £9 billion in cross-border transactions monthly, saving customers around £1.5 billion annually. Through the Wise account, individuals and businesses can hold more than 40 currencies, transfer funds internationally, and spend money abroad with ease.
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.
Wise is driven by a mission to build “money without borders” where sending, receiving, and spending money internationally feels as instant and simple as email. Its technology, transparency, and global mindset continue to challenge traditional financial systems and push the global payments industry toward greater fairness and efficiency.