Digital bank Revolut has appointed former African Bank CEO Gaby Magomola as chairman of its South African subsidiary, all while the digital challenger pursues a formal banking licence with local regulators.
In a statement on Friday, Revolut said it has submitted its “section 12” application to the Prudential Authority of the Reserve Bank – the first step in acquiring a formal banking licence under South African law – and will lean on Magomola’s four decades of banking experience as it readies its local launch.
“Magomola, one of South Africa’s most distinguished banking pioneers, brings decades of experience in finance, governance and economic transformation to the role. His appointment marks an important milestone in Revolut’s commitment to responsible growth, innovation and access in South Africa’s evolving financial landscape,” Revolut said in the statement.
Beyond his leadership of African Bank, Magomola has held senior executive positions at Citibank, Barclays and First National Bank. He was most recently deputy chairman of the Development Bank of Southern African, where he was involved in many of the board’s subcommittees, including those for audit, risk and nominations.
Magomola has been recognised for his leadership across a number of platforms. His accolades include Unisa’s chancellor award, an honorary doctorate in commerce and economics from the University of Zululand and the freedom of the city award from the City of Birmingham in the US.
Magomola’s tenure as chairman begins in January 2026.
Founded in 2015 by Nikolay Storonsky and Vlad Yatsenko, Revolut started life offering a prepaid card with low-fee foreign exchange services. It has since evolved to a full-fledged financial “super app”.
Experience
Revolut tailors its offerings to different segments in each of its 160 operating markets, sometimes offering a lean portfolio resembling a fintech and at other times offering a full banking suite. Details of what Revolut’s offering will look like in South Africa’s increasingly competitive banking sector are yet to be revealed. However, Revolut South Africa CEO Jacques Meyer said the bank will lean heavily on Magomola’s experience in formulating its local strategy.
Read: Revolut gears up to disrupt South African banking
“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,” said Meyer. – © 2025 NewsCentral Media
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