Revolut, a London-based digital banking giant, is reportedly setting up operations in South Africa and has applied for a full banking license, according to sources familiar with the matter. This move positions Revolut to compete with local digital banks such as TymeBank, Discovery Bank, and Bank Zero.
In a statement to Techpoint Africa, Revolut confirmed its interest in the South African market, stating, “South Africa is a market we are evaluating, and one we see as attractive. However, we are quite early in the process.”
Revolut’s product suite includes multi-currency accounts, fee-free currency exchange, stock and commodity trading, and cryptocurrency trading. This diverse offering could disrupt South Africa’s banking sector and challenge traditional banks’ market share.