Wise Secures Green Light to Launch Low-Cost Money Transfer Services in South Africa

Wise has received conditional approval to begin operating in South Africa, paving the way for the global fintech firm’s first market entry in Africa.

The authorisation will allow Wise to roll out its low-cost, fast, and transparent cross-border payment services to South African consumers and businesses. The move marks a key step in the company’s expansion and comes as demand for affordable digital payments continues to rise across the continent.

The announcement follows UK Prime Minister Keir Starmer’s visit to South Africa during the G20 summit. He described Wise as “an example of British innovation with global impact”, adding that its international growth “strengthens economic ties, supports British jobs, and contributes to wider economic collaboration”.

Wise’s expansion aligns with South Africa’s role in the G20 Roadmap for Enhancing Cross-Border Payments, a global initiative to make international transfers cheaper and faster by 2027. Its entry is expected to bolster the country’s reform efforts while offering more competitive exchange rates and real-time payment options.

As the company progresses through the regulatory process, Wise’s arrival is anticipated to increase competition and improve the customer experience in South Africa’s cross-border payments market.