Africa: Wise Secures First African Licence with Conditional Approval from South Africa’s Reserve Bank

Global money movement company Wise has taken its first formal step into Africa after receiving conditional approval from the South African Reserve Bank (SARB) to operate as a Category 2 Authorised Dealer in Foreign Exchange with Limited Authority (ADLA).

The approval positions Wise to support South Africa’s commitment to the G20 Roadmap for Enhancing Cross-Border Payments—an initiative aimed at making international payments faster, cheaper, more transparent, and universally accessible by 2027.

Nadia Costanzo, Director of Banking and Expansion for LatAm & MEA at Wise, highlighted the significance of the milestone, noting that despite South Africa’s digitally savvy population, many consumers continue to face high costs and limited transparency when transferring money internationally.

“Our first regulatory approval in Africa is a major step toward providing South Africans with a faster, cheaper, and more transparent way to send money abroad,” she said. “We appreciate SARB’s collaboration and support throughout this process.”

The licence adds to Wise’s growing global regulatory footprint, with more than 70 approvals secured worldwide. The company recently received in-principle approval from the Reserve Bank of India to operate as a payment aggregator, earned a retail payments licence from the Central Bank of the UAE, and became the first non-bank to go live on Japan’s Zengin network.