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Wise has secured conditional approval from the Reserve Bank, clearing the way for its launch in South Africa.
Global Fintech Company Wise has been provided with conditional approval by the South African Reserve Bank to conduct business as a Category 2 Authorized Dealer in Foreign Currency Exchange with Limited Authority. This will enable Wise to conduct business in South Africa. This will also enable Wise to offer services regarding International Money Transfers to individuals in South Africa. South Africa represents one of the largest Cross-Border Payment Markets in the world due to its high volume of Cross-Border Payment transactions, its high Digital Adoption and the large number of South Africans living abroad.
The objective of the G20 roadmap is to make global payments cheaper, faster and more transparent by 2027. Wise believes its business model directly supports the objectives of the roadmap and in particular, the focus of the roadmap is on providing clear and accurate pricing information to end users. Wise's customers pay the mid-market exchange rate and do not pay additional fees that can be difficult for customers to identify. Furthermore, the only fees paid by customers are the small upfront transaction fees provided to customers prior to completing a transaction.
In an official statement, Prime Minister Keir Starmer of the UK expressed his delight at Wise’s expansion into South Africa as a way to improve relations with one of Africa’s premier growing economies. Nadia Costanzo, Wise’s Director of Banking and Expansion for Latin America and the Middle East and Africa, stated that a large portion of South Africa is under-banked regarding sending funds internationally. “Even though South Africa has some of the most technologically savvy individuals in Africa, they are still dealing with exorbitantly high fees, little to no price clarity and slow and cumbersome processes when it comes to sending funds internationally,” said Costanzo.
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