Dr. Gaby Magomola.
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Revolut is accelerating its African expansion with the appointment of one of South Africa’s most seasoned banking leaders.
The $33 billion fintech has named Dr. Gaby Magomola, former CEO of African Bank and ex–Deputy Chairman of the Development Bank of Southern Africa (DBSA), as Chairman of Revolut South Africa, as the company files its Section 12 application to begin the country’s formal bank licensing process.
The move signals Revolut’s most decisive step yet toward becoming a full-scale local bank in one of Africa’s most competitive and regulated financial markets. Submitting a Section 12 application, governed by the Banks Act, kicks off a multi-stage approval process that could ultimately bring South Africans a digital-first banking alternative backed by the same infrastructure serving more than 65 million global customers.
Magomola brings more than four decades of experience across retail banking, corporate banking, and governance, with senior posts at Citibank, Barclays, and First National Bank.
Beyond the résumé, he is widely regarded as a pioneer of economic transformation in South Africa, a reputation cemented through major leadership roles and a string of honours, including the University of South Africa Chancellor’s Award and the Freedom of the City of Birmingham (USA). He steps into the role in January 2026.
For Revolut, his appointment is both strategic and symbolic. As the company navigates South Africa’s regulatory terrain, Magomola’s influence in risk, oversight, and policy could determine how quickly and how deeply Revolut embeds itself in the local financial ecosystem.
“Dr Magomola’s experience is invaluable as we deepen our commitment to the South African market,” said Jacques Meyer, CEO of Revolut South Africa.
“His strategic counsel will be critical as we build a locally relevant service that addresses the financial needs of all customers in South Africa.”
Magomola sees the role as an opportunity to reshape access to financial services.
“Revolut has proven to be a catalyst for change in global finance, and I look forward to guiding its mission in South Africa,” he said.
“Our goal is not just to launch a product, but to champion greater financial access and innovation for everyone across the country.”
If approved, a locally licensed Revolut could pressure incumbents in a banking sector dominated by a few large players and accelerate competition in digital payments, low-cost accounts, and cross-border money movement, areas where the fintech has already transformed customer expectations globally.
FAST COMPANY (SA)