Absa Launches Africa's First Crypto Custody Service

Absa Group Ltd. has become the first bank in Africa to offer institutional digital-asset custody services, launching the service in South Africa for institutional clients such as asset managers, corporates, and non-bank financial institutions. This move aims to tap into South Africa's crypto market, where assets held by the three largest licensed service providers were valued at approximately $1.5 billion at the end of 2024.

Absa secured regulatory approval in South Africa prior to the launch, which currently supports Bitcoin, Ethereum, XRP Ledger, and the USDC stablecoin. The bank plans to expand the custody service to other African markets where it operates, subject to regulatory approvals.

Additionally, Absa aims to widen access to the custody product beyond its initial institutional customer base. The South African Reserve Bank reported that crypto assets held by Luno, VALR, and Ovex more than doubled to R25.3 billion at the end of 2024.

Absa is one of Africa's largest diversified financial services groups, reporting a 4% increase in revenue to R58.8 billion for the six months ended June 30, 2026.