Revolut Ltd. seeks to launch in South Africa by 2028 and is already drawing strong interest for its digital banking services from potential customers in the continent’s largest economy.

“We are already seeing exceptional demand for our product, and our waitlist is fast approaching 100,000 registrations,” Jacques Meyer, who leads the company’s operations in South Africa, said.

Revolut plans to introduce its so-called signature ecosystem in South Africa, with offerings specifically tailored for the local market, a company spokesperson said. It submitted a license application to the South African Reserve Bank in September and will launch its products, including a zero-fee account, after securing regulatory approvals, the spokesperson said.

The startup sees the country as a strategic entry into Africa and plans to expand further on the continent. It’s also launching in the United Arab Emirates and is eyeing the wider Middle East and North Africa for growth. In recent weeks, it received approval in the UK to offer full banking services and has applied for a US banking charter.

Co-founded and led by Chief Executive Officer Nikolay Storonsky, Revolut has about 75 million users worldwide. It’s grown by offering mainstream banking and cheap overseas payments, alongside artificial intelligence-assisted wealth management and crypto.

The London-based company’s expansion into South Africa, one of the world’s most lucrative banking markets, will pit it against entrenched lenders and a growing field of digital challengers, many of which offer no-fee accounts.

New entrants including billionaire Patrice Motsepe’s GoTyme Bank, Discovery Ltd.’s lender and Old Mutual Ltd.’s bank are making headway. Retailers Pepkor Holdings Ltd. and Shoprite Holdings Ltd. plan to leverage loyalty-program data to expand into banking, while established lenders, among the most profitable in Europe, the Middle East and Africa, are responding by emphasizing on higher-value services for the rich.

“We aren’t interested in chasing customer acquisition numbers for the sake of a headline; instead, our focus is on delivering a majorly disruptive experience that fundamentally upgrades how people manage their money,” Meyer said.

— By Prinesha Naidoo (Bloomberg News)