Wise Group is seeking a country manager in South Africa after securing conditional regulatory approval to offer some services in the continent\u2019s biggest economy.<\/p>\n\n\n\n
The money-transfer company is hiring a Johannesburg-based leader to manage the regulatory and licensing processes, define opportunities for its products in the region and execute its expansion strategy, a job posting shows.<\/p>\n\n\n\n
The London-based group is listed on the London Stock Exchange (LSE), with a secondary listing on the Nasdaq. It currently has a market capitalisation of around $11.7 billion (R194 billion).<\/p>\n\n\n\n
While Wise declined to comment on the role, the approval \u201cmarks a significant step in our mission to give South Africans access to a faster, cheaper, more transparent way to send money abroad,\u201d said Nadia Costanzo, its director for banking and expansion in Latin America and the Middle East and Africa.<\/p>\n\n\n\n
The plan to hire follows moves by the South African Reserve Bank to reform the National Payment System, including by allowing non-bank financial services companies and fintech firms to directly access payments infrastructure to boost innovation and competition. <\/p>\n\n\n\n
At the same time, insurers, retailers and telecommunications firms are moving into banking to monetise existing customer relationships and create new revenue streams in a sluggish economy.<\/p>\n\n\n\n
In December, Wise said it secured its first regulatory approval on the continent after South Africa\u2019s central bank conditionally authorised a license that would allow it to handle travel-related transactions.<\/p>\n\n\n\n
It can also process the annual prescribed allowance that South African residents are allowed to spend offshore without requiring a tax clearance certificate, and offer remittance services.<\/p>\n\n\n\n
The London-based company\u2019s Wise platform, which allows banks and other businesses to use its infrastructure for transfers, recently partnered with Capitec to \u201cpower\u201d the South African lender\u2019s international-payments offering.<\/p>\n","protected":false},"excerpt":{"rendered":"
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