Exchange Control Circular No. 20-2026

This circular formalises Wise's ability to offer certain foreign exchange and cross-border payment services in South Africa under exchange control rules. For compliance teams at banks, payment institutions, and fintechs, the key takeaway is that the authorised dealer landscape is evolving. Existing ADLAs should review counterparty and correspondent banking arrangements, and ensure internal systems and lists of approved dealers are updated.

Payment providers competing with Wise may face pricing and service pressure in remittances and cross-border payments. Conversely, firms may find partnership or integration opportunities with Wise. Action items: confirm the scope of Wise's ADLA permissions by reviewing the circular annexures; update exchange control policies and controls to reflect Wise's status; ensure AML/CFT and sanctions screening processes account for the new dealer where relevant; and monitor SARB communications for further conditions.

No immediate deadline is specified, but prompt operational updates are prudent. The appointment signals continued regulatory openness to fintech participation in South African FX markets, while maintaining exchange control oversight. Compliance teams should treat this as a low-to-moderate urgency update, with moderate impact for payments and fintech.