Revolut, a global financial app, has applied for a banking licence in South Africa and appointed a local banker as chairman of its business in the continent’s most industrialised economy.

Payment Expert wrote on November 19 that Revolut said it will work closely with the South African Reserve Bank throughout the application process.

“A successful application would allow the company to offer a full suite of banking products in South Africa rather than relying on lighter-touch payment permissions, which it has used in some other markets,” the title reported.

The application is part of Revolut’s drive to meet its goals of growing its customer base from 65mn to 100mn by 2027 and establishing itself in 30 markets by 2030.

South Africa already has three digital banks, TymeBank, Discovery Bank and Bank Zero, which have about 11.2mn customers.

Revolut South Africa chief executive Jacques Meyer said the new chairman, Gaby Magomola’s experience would be “invaluable” and help ensure the group will “build a locally relevant service that addresses the financial needs of all customers in South Africa”.

The fintech firm announced its intention to set up a bank in South Africa in September, saying the country represents a “key growth market” underpinned by its diversified economy, increasing digital adoption, and growing appetite for innovative financial services.

Magomola, who has held senior positions in five top local financial institutions, said Revolut had “proven to be a catalyst for change in global finance” and that the goal in South Africa was “not just to launch a product, but to champion greater financial access and innovation for everyone across the country,” according to Payment Expert.