Absa reportedly becomes first African bank to custody bitcoin

South African bank Absa has become the first African lender to custody bitcoin, according to reports. Bloomberg first reported on Friday that the Johannesburg-based lender will provide custody services to institutional clients. Bloomberg reported that the service will primarily custody bitcoin but will also include other digital assets. Rob Downes, head of digital assets at Absa's corporate and investment banking unit, said bitcoin would be the largest asset the bank would custody. Downes said other assets would follow. Absa did not immediately respond to questions. Banks worldwide are integrating or offering bitcoin-related products and services. A number of U.S. and European banks have started offering crypto custody services for institutions. Data firms frequently highlight high crypto adoption across Africa, particularly in countries where currencies have been significantly debased. Chainalysis's 2025 report placed South Africa second in Sub-Saharan Africa, with $36.0 billion in on-chain value. Chainalysis reported that Nigeria received $92.1 billion, nearly three times South Africa's total. South Africa ranked 30th on the global crypto adoption index. South Africa's crypto market is more institutional than Nigeria's market. Regulatory clarity in South Africa has resulted in hundreds of licenses being issued to virtual asset service providers and attracted professional investors and traditional finance. BNY Mellon became the first major U.S. bank to offer digital asset custody services in 2022. This month, German multinational Deutsche Bank said it would introduce a bitcoin custody service for European corporate and institutional clients later in 2026.