Absa Launches Africa’s First Digital-asset Custody Service

Absa Group has become the first African bank to offer digital-asset custody, targeting a market that South African regulators estimate at about $1.5 billion. The Johannesburg-based lender will start with institutional clients, including asset managers, non-bank financial institutions, and corporations, providing them with services covering the secure storage, administration, and transfer of digital assets. The service has received approval from South African regulators and currently supports Bitcoin, XRP Ledger, Ethereum, and USDC, with plans to add other assets. Eventually, Absa expects to extend the service to additional client groups in South Africa and potentially to other African markets, provided it wins regulatory approval. The South African Reserve Bank estimates crypto assets held by the country’s three largest licensed providers more than doubled to about $1.5 billion by the end of 2024. Globally, the custody market, valued at roughly $953.5 billion in 2026, could reach $4.38 trillion by 2033.