Why Wise chose South Africa as its first African market
- Wise has received conditional regulatory approval from the South African Reserve Bank to operate in South Africa.
- The company will operate as a Category 2 Authorised Dealer in foreign exchange with a limit of $50,000 per user per year.
- Wise's expansion into Africa follows a two-year pause and several attempts over its 14-year history.
Wise's entry into the South African market represents a pivotal moment for the company and the remittance landscape in Africa. By focusing on transparency and cost-effectiveness, Wise could significantly disrupt the existing market, which is plagued by high fees and inefficiencies. However, the competition is fierce, and Wise will need to continuously innovate and adapt to local needs to maintain its edge.
