Global fintech Revolut has announced two major steps in its commitment to the South African market, appointing Dr. Gaby Magomola as the Chairman of Revolut South Africa and formally submitting its application to establish a bank in the country.
Dr. Magomola, one of South Africa’s most distinguished banking pioneers, will bring decades of experience in finance, governance, and economic transformation to the role. His appointment, effective January 2026, comes as Revolut confirms it has officially submitted its Section 12 application—the first formal step required by the Banks Act to establish a bank in South Africa.
A heavyweight appointment for regulatory navigation
Dr. Magomola brings four decades of local and international experience to the global fintech, which serves over 65 million retail customers worldwide. He has held senior executive positions at Citibank, Barclays Bank, and First National Bank, and is a former Chief Executive of African Bank.
He also recently stepped down as Deputy Chairman of the Development Bank of Southern Africa (DBSA), where he served on the Audit and Risk and the Nominations Committees.
Revolut’s leadership highlighted that Dr. Magomola’s experience will be crucial as the company navigates the local financial landscape and pursues its full banking licence.
Jacques Meyer, CEO of Revolut South Africa, said: “Dr Magomola’s experience is invaluable as we deepen our commitment to the South African market. His strategic counsel will be critical in navigating the local regulatory environment, ensuring we build a locally relevant service that addresses the financial needs of all customers in South Africa.”
Championing financial access and innovation
Dr. Magomola is widely celebrated as one of the “fathers of economic transformation” in South Africa and has received numerous lifetime awards for his advocacy of equal opportunity and ethical leadership.
His appointment is a clear signal of Revolut’s intention to champion financial inclusion in the region.
“Revolut has proven to be a catalyst for change in global finance, and I look forward to guiding its mission in South Africa,” said Dr. Magomola. “Our goal is not just to launch a product, but to champion greater financial access and innovation for everyone across the country.”
