Absa Breaks Ground as First Bank on African Continent to Offer Digital Asset Custody

Absa, a Johannesburg-based bank, has received regulatory approval to offer digital asset custody services in South Africa. This move makes Absa the first bank on the African continent to provide this service.

The bank's initial clients include asset managers, non-bank financial institutions, and corporations, with Bitcoin being the most predominant asset held through its custody service. Absa plans to expand its supported assets as client demand develops.

The South African Reserve Bank tracks assets held by licensed service providers, showing that custody holdings reached R25.3 billion by the end of 2024, approximately $1.5 billion.