Article: Lonwabo Mtyeku – GP News Media, Community Newsroom | 29 October 2025
Johannesburg, South Africa – 29 October 2025 — In a landmark move set to redefine the travel economy, Standard Bank has announced the expansion of its Dynamic Currency Conversion (DCC) network to more than 16,000 merchants across South Africa by the end of 2025. This initiative, launched in partnership with global fintech leader Fexco, aims to transform the payment experience for international visitors — enabling them to pay seamlessly in their home currency while supporting South Africa’s growing tourism and retail industries.
This development comes as tourism continues to play a vital role in South Africa’s economy. According to Statistics South Africa, the sector contributed 8.8% to the nation’s GDP in 2024, supporting over 1.68 million jobs. With South Africa ranked among the top global destinations for leisure, business, and adventure travel, the ability to offer transparent, instant, and globally integrated payment options represents a key step forward in enhancing the country’s competitiveness and visitor appeal.
Empowering the Tourist Economy through Technology
Through the Dynamic Currency Conversion (DCC) service, foreign cardholders can view prices and pay in their home currency at the point of sale — a seemingly simple innovation that carries powerful implications for both convenience and economic growth.
For international visitors, the feature eliminates uncertainty around exchange rates, hidden costs, and post-transaction surprises, offering a transparent, stress-free experience. For merchants, DCC not only enriches customer service but also creates a new revenue stream through shared conversion margins — incentivising participation across key sectors such as retail, hospitality, and tourism.
Speaking on the initiative, Norman Nyawo, Head of Merchant Solutions at Standard Bank, said that the rollout underscores the bank’s vision of merging financial inclusion with innovation.
“South Africa’s tourism sector is more than a contributor to GDP; it is a gateway to cultural exchange, economic inclusion, and global visibility. By enabling over 16,000 merchants with Dynamic Currency Conversion, Standard Bank is making it easier for international visitors to pay with confidence and clarity. This initiative represents our broader commitment to position South Africa as a tourist-friendly destination where technology and hospitality intersect to create world-class experiences.”
A Strategic Partnership for Seamless Global Transactions
The rollout of DCC is being executed in partnership with Fexco, an international fintech pioneer with a strong presence across Sub-Saharan Africa. The company’s technology enables encrypted, real-time currency conversion without storing sensitive cardholder data — ensuring security, transparency, and compliance at every step.
Sean Crowe, CEO of Fexco Financial Services, described the partnership as a milestone for both organisations and the broader financial ecosystem:
“This launch represents a major milestone in our journey to bring world-class DCC solutions to South Africa. Our collaboration with Standard Bank is built on shared values of innovation, reliability, and customer-centricity. Together, we’re delivering a payment experience that enhances convenience for travellers while driving incremental value for local merchants.”
Fexco’s technology currently supports 75% of South Africa’s acquiring market, a testament to its scale, reliability, and deep integration with local payment infrastructure. Through this partnership, Standard Bank’s merchant clients gain access to a global-grade solution that connects Africa’s tourism and retail industries with the rest of the world.
Enhancing South Africa’s Position as a Global Tourism Hub
The initiative aligns with Standard Bank’s long-term strategy of digital transformation and inclusive economic growth. By leveraging advanced payment technologies, the bank continues to empower small and medium enterprises (SMEs), large retailers, and hospitality businesses with tools that help them engage global audiences.
This is particularly critical as the tourism industry recovers from global disruptions, and South Africa seeks to reinforce its reputation as a safe, modern, and digitally enabled destination. The DCC service will be available at a wide range of merchant locations — from boutique hotels and restaurants to retail stores and major tourist attractions — ensuring a consistent and accessible experience for international visitors throughout their stay.
Standard Bank’s expansion of its foreign exchange merchant network also supports the government’s broader goals of stimulating trade, boosting tourism, and promoting economic inclusivity. By making financial transactions simpler for travellers, the initiative contributes directly to job creation, business growth, and South Africa’s balance of payments through increased visitor spending.
A Legacy of Leadership and Innovation
Standard Bank’s latest announcement builds on its 163-year legacy as one of Africa’s most trusted financial institutions and a leader in payment innovation. With operations in 20 African countries, four global financial centres, and two offshore hubs, the Group continues to connect African markets with global capital flows and emerging opportunities.
As of 31 December 2024, the bank served over 20 million clients, employed more than 50,000 people, and operated 1,150 points of representation and 5,500 ATMs across the continent. Its strategic partnership with the Industrial and Commercial Bank of China (ICBC) further strengthens its global reach, enabling trade and investment flows between Africa, China, and select emerging markets.
This latest innovation — the DCC rollout — reaffirms Standard Bank’s mission to unlock Africa’s potential through financial excellence, digital leadership, and customer empowerment.
Redefining the Future of Travel Payments
In an increasingly globalised world, the future of travel depends not only on destinations but also on how easily travellers can transact, connect, and engage. Standard Bank’s partnership with Fexco positions South Africa at the forefront of this transformation, turning everyday payments into moments of confidence, clarity, and connection.
By fusing technology with hospitality, the bank is not merely facilitating transactions — it is helping South Africa tell its story to the world: one payment, one visitor, and one experience at a time.