Revoluthas submitted an application to operate as a licensed bank inSouth Africa, filing paperwork with the country's Prudential Authorityas it targets its first banking license on the continent.TheLondon-based fintech confirmed it haslodged a Section 12 application under the Banks Act, starting the regulatory processthat typically stretches 18 to 24 months before approval orrejection.Revolut NamesVeteran Banker as Chairman for South African OperationsTo steerits South African operations, Revolut tapped Dr. GabyMagomola, a four-decade banking veteran who previously ranAfrican Bank and served as Deputy Chairman of the Development Bank ofSouthern Africa until recently. Magomola will formally assume the Chairman rolein January 2026."Revoluthas proven to be a catalyst for change in global finance, and Ilook forward to guiding its mission in SouthAfrica," Magomola said. "Our goal is not just tolaunch a product, but to champion greater financial access andinnovation for everyone across the country."Revolutcontinues to seek new markets, and the strategy appears to be paying off. Lastweek, the fintech reported that its Singapore unit sawa 125 percent surge in customers. In the second quarter, the company’s revenuereached $1.4 billion, growing by nearly 50 percent compared with 2024.Crowded Field for DigitalChallengersRevolut'smove puts it in direct competition with several digitalbanks already fighting for customers in Africa'smost developed banking market. Old Mutual launched OM Bank inSeptember after a near-decade buildup that included a 2022license application and more than $135 million intechnology investment. TymeBank claims over 8.5 millionaccount holders, while Discovery Bank and Bank Zero have builtsmaller but growing customer bases since theirrespective launches.TheSouth African banking sector holds roughly 900 billion rand ($50billion) in assets, with the five largest institutions - Standard Bank,FirstRand, Nedbank, Absa, and Investec - controlling nearly 90% oftotal sector assets as of March 2023.Revolutoperates with banking licenses in Lithuania, Australia, Mexico,and Japan, although the authorization in its home country, theUK, remains restricted. The company announced in September it would deploy $13billion across global expansion efforts, targeting 100 millioncustomers by mid-2027. SouthAfrica represents its entry point for Africa, withadditional license applications underway in Mexico, Colombia, andArgentina.Regulatory Gauntlet AheadIf regulatorsmove without delays, Revolut could receive initial feedback bymid-2026, with full approval possible in late 2026 or early 2027.A full license would allow the company to take deposits, extendcredit, and offer multi-asset financial products under SouthAfrican law.Jacques Meyer,who runs Revolut's South African unit, said Magomola's counsel wouldprove useful as the company works through local regulatoryrequirements. "His strategiccounsel will be critical in navigating the local regulatoryenvironment, ensuring we build a locally relevant servicethat addresses the financial needs of all customersin South Africa," Meyer said.Magomolaspent years at Citibank, Barclays, and First National Bank beforeleading African Bank. He holds honorary degrees from theUniversity of South Africa and the University of Zululand, and receivedFreedom of the City honors in Birmingham, Alabama. Revolutwas founded in 2015 by former derivatives traderNikolay Storonsky and software engineer Vlad Yatsenko. Thecompany is currently eyeing an IPO with a potential market cap of $75 billion.This article was written by Damian Chmiel at www.financemagnates.com.