Ripple teams up with Absa Bank to launch crypto custody in South Africa, marking its first African custody partnership.
Ripple has taken another step in expanding its presence across Africa. The blockchain firm recently announced a partnership with Absa Bank, one of the continent’s biggest financial institutions.
This partnership is aimed at introducing crypto custody services in South Africa and stands as Ripple’s first digital asset custody partnership in Africa.
Crypto Custody Partnership in Africa
Under the agreement, Absa Bank will use Ripple’s secure custody technology to manage cryptocurrencies and tokenised assets for its clients. The goal is to provide a compliant platform that allows institutions to safely store and manage digital assets.
Ripple’s Managing Director for the Middle East and Africa, Reece Merrick, said the collaboration shows the company’s long-term vision for the region.
Today, we’re excited to announce that @AbsaSouthAfrica, one of Africa’s leading financial institutions, is now @Ripple’s first major custody partner in Africa: https://t.co/9FQ5GTxMnK
We’re bringing institutional digital asset custody to South Africa, providing the secure and…
— Ripple (@Ripple) October 15, 2025
“Africa is experiencing a major shift in how value is stored and exchanged, and our partnership with Absa shows Ripple’s commitment”, Merrick stated.
Interestingly, Ripple has been expanding around the world, and has so far covered Europe, Asia-Pacific, Latin America and now Africa.
Absa Enters the Digital Asset Space
Absa Bank, which serves over 12 million customers across ten African countries, will now offer institutional crypto custody solutions to its clients.
This service will allow companies and investors to store crypto and tokenised financial products using Ripple’s enterprise-grade platform.
Robyn Lawson, Head of Digital Product, Custody at Absa Corporate and Investment Banking, said the move comes with the bank’s mission to provide modern financial tools.
“We recognise the importance of giving our customers secure and compliant custody solutions for their digital assets.
Ripple’s technology meets the highest standards of security and performance,” Lawson explained.
The partnership shows Absa’s confidence in blockchain for Africa’s banking sector.
Ripple Strengthens Its African Presence
The Absa deal is not Ripple’s first activity on the continent. Earlier this year, Chipper Cash, a popular African fintech, adopted Ripple’s payment solutions for faster cross-border transactions.
Ripple also introduced its USD-backed stablecoin RLUSD in select African markets and is helping institutions settle payments quickly.
Ripple’s recent New Value Report also showed that 64% of financial executives in the Middle East and Africa believe faster payments and settlement are major reasons to use blockchain-based currencies.
So far, Ripple now holds more than 60 licenses from regulators worldwide, including in Europe, the Middle East, Asia-Pacific and Latin America.
Africa’s Crypto Market Gains Global Attention
Africa’s digital asset market has grown in the past year. Data from Chainalysis shows that between July of last year and now, Sub-Saharan Africa handled over $205 billion in on-chain crypto transactions.
This is up 52% from the previous year and makes the region the third-fastest-growing crypto market in the world, behind Asia-Pacific and Latin America.
South Africa and Nigeria are leading the charge, with both countries introducing formal regulations for trading, taxation and custody. Hence, these frameworks have encouraged more fintechs to launch digital asset products, from drawing board to reality.
Retail Adoption Expands in South Africa
Beyond institutions, crypto use at the consumer level is rising as well. Scan to Pay (a popular QR payments platform) recently teamed up with MoneyBadger to allow crypto transactions at checkout.
This integration lets users from exchanges like Binance, Luno, Blink and VALR pay using Bitcoin, stablecoins and other cryptocurrencies at over 650,000 Scan to Pay merchants.
Moreover, Payments are completed using QR codes, and merchants receive settlements in South African rand through MoneyBadger’s system.
Luno said that this integration connects 30,000 merchants with Scan to Pay, and major retailers including Shoprite, Checkers, Makro and Vodacom are already on board.