Revolut names veteran Banker Gaby Magomola to lead its entry into South Africa

Revolut has appointed seasoned banking executive Gaby Magomola as Chairman of its South African operations. The move comes as the fintech seeks regulatory approval and prepares for a major expansion into the country’s competitive digital banking sector.

Revolut, Global fintech, has taken a significant step toward launching its services in South Africa by appointing renowned banking leader Gaby Magomola as Chairman of Revolut South Africa. The decision underscores the global fintech’s commitment to establishing a solid presence in one of Africa’s most dynamic and highly contested financial markets.

Magomola brings more than forty years of leadership experience across the financial services sector, with a career that spans top roles in banking, governance, and economic development. He previously served as CEO of African Bank and held senior executive positions at institutions such as Citibank, Barclays, First National Bank, and the Development Bank of Southern Africa. His extensive background makes him a central figure in shaping Revolut’s strategy for the country.

His appointment comes as Revolut moves beyond interim leadership and advances through the regulatory process required to operate locally. The company has already submitted its Section 12 application to the Prudential Authority, an early milestone in pursuing a full South African banking licence.

Although Revolut has not yet disclosed details of its local product roadmap, the hiring of Magomola offers a strong indication of its priorities: a focus on regulatory compliance, operational strength, and scalable growth. His knowledge of South Africa’s banking landscape and regulatory frameworks is expected to play a pivotal role in guiding the company’s expansion and establishing its competitive position in the market.