South African financial institution Absa has set a milestone by becoming the continent’s initial banking lender to provide bitcoin custody solutions, recent reports indicate.
As initially detailed by Bloomberg on Friday, the Johannesburg-headquartered institution will cater to institutional clients, primarily holding bitcoin while planning to incorporate other digital assets into the offering.
Financial institutions across the globe are progressively adopting and providing bitcoin-focused products and services. Several European and U.S. banks have already commenced crypto-related offerings by safeguarding assets on behalf of institutional entities.
JUST IN:
Absa has become the first African bank to offer Bitcoin custody
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— Bitcoin Magazine (@BitcoinMagazine) October 2, 2026
Rob Downes, who leads digital assets within Absa’s corporate and investment banking division, noted that although bitcoin represents the primary asset the lender will hold in custody, additional digital assets will be introduced subsequently.
Absa did not provide an immediate response to inquiries from Bitcoin Magazine.
The African continent features a substantial base of crypto-native users, with analytical firms regularly pointing out high adoption levels, especially in nations experiencing severe currency debasement.
According to findings from Chainalysis’s 2025 report, South Africa recorded $36.0 billion in on-chain value, placing it second throughout Sub-Saharan Africa. Meanwhile, Nigeria accounted for $92.1 billion, nearly tripling the volume seen in second-place South Africa.
Regarding the worldwide index, South Africa secured the 30th position for cryptocurrency adoption.
The makeup of its market contrasts with Nigeria’s, leaning further toward institutional participation. Clear regulatory frameworks have enabled the distribution of hundreds of licenses to virtual asset service providers (VASPs), drawing in traditional finance and professional investors.
Back in 2022, BNY Mellon emerged as the pioneer major U.S. bank to roll out digital asset custody services. Furthermore, German multinational Deutsche Bank announced this month that it plans to launch a bitcoin custody offering aimed at European institutional and corporate clients later in 2026.
Frequently Asked Questions
Which bank is the first in Africa to offer bitcoin custody?
South Africa’s Absa has become the first African bank to provide bitcoin custody services.
Who will Absa’s bitcoin custody service serve?
The Johannesburg-based lender will primarily serve institutional clients.
Where did South Africa rank in Chainalysis’s 2025 crypto report?
South Africa ranked second in Sub-Saharan Africa with $36.0 billion in on-chain value, and 30th globally for crypto adoption.
What other global banks offer digital asset custody?
BNY Mellon began offering digital asset custody in 2022, and Deutsche Bank announced plans to debut a bitcoin custody service for European corporate and institutional clients in 2026.
