Absa of South Africa becomes first African bank to offer bitcoin custody

According to reports, South Africa-based Absa has become the first bank on the continent to offer bitcoin custody.

Bloomberg broke the news on Friday that the Johannesburg-based lender will cater to institutional clients, primarily by providing custody for bitcoin, though other digital assets will be included as well.

Globally, banks are increasingly incorporating bitcoin-related products and services, with several U.S. and European institutions already providing crypto custody for institutional clients.

JUST IN: Absa has become the first African bank to offer Bitcoin custody

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Rob Downes, who leads digital assets at Absa's corporate and investment banking division, said that bitcoin would be the largest asset custodied, but additional digital assets would follow.

Bitcoin Magazine did not receive an immediate response from Absa to its inquiries.

Africa has a sizable crypto-native population, and data firms often point to high adoption rates, especially in nations where currencies have experienced severe debasement.

According to Chainalysis' 2025 report, South Africa recorded $36.0 billion in on-chain value, ranking it second in Sub-Saharan Africa. Nigeria, on its own, saw $92.1 billion, almost triple the amount of the runner-up South Africa.

In the worldwide adoption index, South Africa was positioned 30th.

The nature of South Africa's market contrasts with Nigeria's: it is more institutionally focused, as regulatory clarity has resulted in the issuance of hundreds of licenses to VASPs, attracting professional investors and traditional finance.

In 2022, BNY Mellon became the first major U.S. bank to provide digital asset custody. This month, German giant Deutsche Bank announced it would launch a bitcoin custody service for European corporate and institutional clients later in 2026.