Revolut, the global fintech leader with over 65 million retail customers, today announced the appointment of Dr. Gaby Magomola as the Chairman of Revolut South Africa.
Dr. 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, and comes as the business confirms it has officially submitted its Section 12 application - the first formal step governed by the Banks Act to establish a bank in South Africa.
Dr. Magomola has held senior executive positions at Citibank, Barclays Bank, First National Bank, and is a former Chief Executive of African Bank. He recently stepped down as Deputy Chairman of the Development Bank of Southern Africa (DBSA) where he also served in several of the Board’s subcommittees including the Audit and Risk and the Nominations Committees. Magomola’s business career includes board appointments in major listed and unlisted corporations across a variety of industries.
A long-time champion of inclusive economic growth, Dr. Magomola is celebrated as one of the fathers of economic transformation in South Africa. His outspoken calls in advocating for equal opportunity and ethical leadership has been recognised and crowned by several honors. His lifetime awards include the University of South Africa Chancellor’s Award (2022), an Honorary Doctorate in Commerce and Economics from the University of Zululand (2023), and the Freedom of the City of Birmingham (USA). Dr. Magomola will take up the role in January 2026.
Jacques Meyer, CEO of Revolut South Africa, said: “Dr 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.”
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Dr. Gaby Magomola, Incoming Chairman of Revolut South Africa, added: “Revolut has proven to be a catalyst for change in global finance, and I look forward to guiding its mission in South Africa. Our goal is not just to launch a product, but to champion greater financial access and innovation for everyone across the country.”