Revolut, the London-based neobank with 75 million users worldwide and a$75 billion valuation, has confirmed it is targeting a South Africa launch by 2028. It applied for a banking licence from the South African Reserve Bank (SARB) in September 2025 and is waiting for regulatory approval before launching products including a zero-fee account, multi-currency wallets, and crypto trading.
South Africa is Revolut’s entry point into Africa, with broader continental expansion planned once it establishes a local foothold. The company plans to introduce its “signature ecosystem” with offerings specifically tailored for the local market.
But here’s the kicker: South Africa’s banking market is not short of competition. Revolut’s arrival will pit it against entrenched lenders and a growing field of digital challengers, including GoTyme Bank, Discovery Bank and Old Mutual Bank, and neobanks already offering no-fee accounts. Retailers Pepkor and Shoprite are also leveraging loyalty data to push into banking. South Africa’s incumbents, among the most profitable banks in the Europe, Middle East, and Africa (EMEA) region, are responding by moving upmarket toward wealth management. Revolut is going in the opposite direction with mass-market, zero-fee, multi-product.
Zoom out: The 100,000-person waitlist—two years before launch—is the most interesting data point in this story. The demand is driven by South Africans who already know the product from living or travelling abroad and want it at home. That’s a different kind of entry than any domestic challenger has had. Whether the SARB licence comes through on schedule will determine whether 2028 is a launch date or a moving target.