South Africa’s Absa Becomes First Bank on the Continent to Custody Bitcoin: Report

Bitcoin Magazine

South Africa’s Absa Becomes First Bank on the Continent to Custody Bitcoin: Report

South African bank Absa has become the first African lender to custody bitcoin, according to reports. 

As reported first by Bloomberg on Friday, the Johannesburg-based lender will serve institutional clients, mostly by custodying bitcoin — but other digital assets will also be a part of the service. 

Banks worldwide are integrating or offering bitcoin-related products and services. A number of U.S. and European banks have started offering crypto-related services by custodying assets for institutions.

JUST IN: Absa has become the first African bank to offer Bitcoin custody pic.twitter.com/JaDza3S7Ez

Rob Downes, head of digital assets at Absa’s corporate and investment banking unit, was quoted saying that while bitcoin was the biggest asset the bank would custody, others would follow. 

Absa did not immediately respond to questions from Bitcoin Magazine. 

The African continent has a large crypto-native base, with data firms frequently highlighting the high adoption — particularly in countries where currencies have been significantly debased. 

In Chainalysis’s 2025 report, South Africa’s $36.0 billion in on-chain value made it second in Sub-Saharan Africa. Nigeria alone received $92.1 billion, nearly three times the total of second-place South Africa. 

On the global index, South Africa ranked 30th for crypto adoption. 

The character of its market is different from Nigeria‘s: it’s more institutional, with regulatory clarity resulting in hundreds of licenses being issued to VASPs and attracting professional investors and traditional finance. 

BNY Mellon in 2022 became the first major U.S. bank to offer digital asset custody services. And this month, German multinational Deutsche Bank said it would debut a bitcoin custody service for European corporate and institutional clients later in 2026.  

This post South Africa’s Absa Becomes First Bank on the Continent to Custody Bitcoin: Report first appeared on Bitcoin Magazine and is written by Mathew Di Salvo.