Halal fintech company Wahed receives FSCA licence to enter SA market

25 Aug 2021

American fintech company Wahed has received a new regulatory license from the Financial Sector Conduct Authority (FSCA), the regulator of the South African financial markets. With this regulatory approval, Wahed will be able to locally launch its app and offer its services.

Junaid Wahedna, CEO of Wahed

South Africa is a key market for fintech expansion in Africa due to the severe economic inequality which still exists in large parts of the continent. When added to generally low levels of financial literacy, it is difficult for emerging investors to make informed decisions about money. Fintech solutions such as Wahed can help to leapfrog these challenges.

Commenting on the new license, Rashaad Kalla, general manager for Wahed in South Africa said: “We are delighted to provide financial products that put the customer first. South Africa has a thriving fintech ecosystem, an established banking sector.”

The authorisation for the South African license comes at a time when Wahed is pushing for international expansion. It now has nine regulatory licenses around the world.

Junaid Wahedna, CEO of Wahed, said: “We are looking forward to making an impact in South Africa. We know we can help bridge the wealth divide in South Africa through our products. We combine fintech and values to create halal products - we are honoured to be trusted and to launch in South Africa.”