Wise, the UK-based fintech known globally for cheap international money transfers, has just cleared a major regulatory hurdle for Africa: it received conditional approval from the South African Reserve Bank (SARB) to operate in South Africa as a “Category 2 Authorised Dealer in Foreign Exchange with Limited Authority (ADLA)”.
That licence — the company’s first on the African continent — means Wise can soon begin offering cross-border transfer services to everyday consumers in South Africa.
The timing matters. South Africa already handles a huge volume of international payments: think remittances, diaspora flows, student fees, trade and more. Yet traditional providers charge steep fees, offer opaque pricing, and often deliver slow service. Wise believes its model — transparent fees, the real “mid-market” exchange rate and fast transfer times — can help undercut those inefficiencies.
From a broader perspective, this fits into a global push for better cross-border payment infrastructure. As a G20 member, South Africa is part of the G20 Roadmap for Enhancing Cross-Border Payments. The Roadmap aims for faster, cheaper, more transparent international transactions by 2027, and industry watchers say Wise’s entry could accelerate that shift domestically.
Wise hasn’t yet confirmed when service will go live, but the regulatory green light is a major step. For many South Africans and the large diaspora connected to the country, that could soon mean smoother, cheaper international money transfers.
