UK-based fintech Wise, renowned for its low-cost international money transfers, has cleared a major regulatory milestone in Africa. The company received conditional approval from the South African Reserve Bank (SARB) to operate as a “Category 2 Authorised Dealer in Foreign Exchange with Limited Authority (ADLA)” its first licence on the continent.
The approval allows Wise to start offering cross-border transfer services to consumers in South Africa, a market that handles significant volumes of remittances, diaspora flows, student fees, and trade payments. Traditional providers often charge high fees, offer opaque pricing, and deliver slow transfers gaps Wise aims to address with transparent fees, real mid-market exchange rates, and faster transactions.
Wise’s entry aligns with South Africa’s broader commitment to improving cross-border payment infrastructure. As part of the G20 Roadmap for Enhancing Cross-Border Payments, the country aims to achieve faster, cheaper, and more transparent international transactions by 2027 an agenda that Wise’s operations could help accelerate.