South Africa – Wise, the London-based international payments company with a market capitalisation of about R194 billion, is preparing to expand its operations in South Africa after receiving conditional regulatory approval to offer selected services.
According to Daily Investor, Wise is recruiting a Johannesburg-based country manager who will oversee regulatory and licensing processes, identify local business opportunities and implement the company’s expansion strategy.
Wise declined to comment on the recruitment, but its director for banking and expansion, Nadia Costanzo, said the regulatory approval “marks a significant step in our mission to give South Africans access to a faster, cheaper, more transparent way to send money abroad.”
The company’s conditional approval from the South African Reserve Bank allows it to handle travel-related transactions, prescribed foreign allowances and remittance services. The approval represents Wise’s first regulatory authorisation on the African continent.
Capitec partnership
Wise’s expansion comes months after it partnered with Capitec to provide the technology behind the bank’s international payments offering.
Wise Platform announced in April that the partnership would allow Capitec customers to make international transfers directly from their bank accounts, with the aim of providing “fast, low-cost transfers” to individuals and businesses.
The partnership comes as Capitec continues to expand its international payments and remittance business. Business Day reported in April that Capitec had expanded its remittance offering to 26 countries, up from seven when the service was launched less than a year earlier.
Capitec CEO Graham Lee said the expansion was driven by customer demand, with the largest transaction volumes going to Zimbabwe, Malawi, Lesotho and Botswana.
Fintech competition grows
Wise’s planned expansion also comes as South Africa reforms its National Payment System to allow non-bank financial services companies and fintech firms greater access to payments infrastructure.
The reforms are intended to increase competition and innovation in the financial sector, while established banks face growing competition from companies expanding into financial services.
The development comes as Capitec itself continues to grow rapidly. The bank reported in September that its active customer base had reached 26.6 million, while headline earnings increased 19% to R9.5 billion for the six months to August 2026.
Wise’s entry therefore adds another major international fintech player to South Africa’s increasingly competitive payments market, with its existing Capitec partnership providing an established route into the local market.
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Compiled by Betha Madhomu
