According to recent reports, Absa Bank of South Africa has distinguished itself as the first financial institution on the African continent to offer bitcoin custody services.
As initially reported by Bloomberg on Friday, the Johannesburg-based bank intends to cater primarily to institutional clients by providing bitcoin custody, although it will also extend its services to encompass other digital assets.
Globally, banks are increasingly incorporating bitcoin-related products and services into their offerings. Numerous banks in the United States and Europe have commenced providing crypto-related services, primarily focusing on asset custody for institutional investors.
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, the head of digital assets at Absa’s corporate and investment banking unit, indicated that while bitcoin will be the primary asset under custody, additional assets are expected to follow suit.
Currently, Absa has not provided responses to inquiries from Bitcoin Magazine regarding this development.
The African continent has demonstrated a significant adoption of cryptocurrency, particularly in regions where local currencies have suffered substantial devaluation, as highlighted by various data firms.
In Chainalysis’s 2025 report, South Africa recorded an impressive $36.0 billion in on-chain value, positioning it second within Sub-Saharan Africa. In contrast, Nigeria surpassed this figure with $92.1 billion, nearly tripling South Africa’s total.
On a global scale, South Africa is ranked 30th for cryptocurrency adoption.
The market dynamics in South Africa differ from those in Nigeria, with a more institutional focus facilitated by regulatory clarity that has resulted in the issuance of numerous licenses to Virtual Asset Service Providers (VASPs), thereby attracting both professional investors and traditional financial entities.
Notably, in 2022, BNY Mellon became the first major bank in the United States to offer digital asset custody services. Additionally, this month, the German multinational Deutsche Bank announced plans to introduce a bitcoin custody service for European corporate and institutional clients later in 2026.
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