International fintech giant Revolut has appointed former African Bank Chief Executive Officer (CEO) Gaby Magomola as chairperson of its South African subsidiary, strengthening its leadership team as the digital bank seeks a formal banking licence from local regulators.
Revolut, which has more than 65 million customers globally, confirmed in September that South Africa will host its first African operation. The company announced it has submitted its “section 12” application to the Prudential Authority — the first step toward securing a domestic banking licence under South African law — and will rely heavily on Magomola’s four decades of banking experience as it prepares for launch.
Revolut described Magomola as one of South Africa’s most respected banking pioneers, bringing deep expertise in finance, governance and economic transformation.
“His appointment marks an important milestone in Revolut’s commitment to responsible growth, innovation and access in South Africa’s evolving financial landscape,” the company said.
Magomola previously led African Bank and has held senior executive roles at Citibank, Barclays, and First National Bank (FNB). Most recently, he served as deputy chair of the Development Bank of Southern Africa, where he sat on several key board subcommittees, including audit, risk, and nominations.
He has been widely recognised for his leadership and contributions to the industry, receiving 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 United States.
Magomola will officially assume the chairmanship in January 2026.
