South Africa: FNB Bank opens up Bitcoin to its customers, but the cryptocurrencies remain with the bank
Since 6 October, First National Bank customers have been able to buy and sell five cryptocurrencies from as little as 10 rand via their app. It’s a simple, regulated entry point, but with a significant catch: you cannot withdraw your coins from the platform.
Why it mattersWhen a major bank makes Bitcoin just a click away, the risk associated with such a highly volatile asset becomes accessible to savers who would never have bought it elsewhere. And this model could inspire other African banks.
- Since 6 October, FNB customers have been able to buy and sell five cryptocurrencies from as little as 10 rand via its online trading platform.
- The service is based on VALR, a Johannesburg-based platform authorised by the South African financial regulator.
- Cryptocurrencies cannot be deposited into or withdrawn from the platform: no transfers to a personal wallet.
- Discovery Bank already offers cryptocurrency through Luno, but allows funds to flow freely.
- This well-regulated and prudent model could serve as an inspiration to banks in Nigeria, Kenya or Ghana.
One of South Africa’s largest retail banks is entering the cryptocurrency market. On Tuesday 6 October, First National Bank (FNB) added the buying and selling of crypto-assets to its online trading platforms: Share Saver, Share Builder, Share Investor and Share Zero. Five assets are available: Bitcoin, Ether, XRP, Solana and USDT, a ‘stablecoin’ pegged to the US dollar. The minimum investment is 10 rand, just over half a dollar.
FNB does not manage the transactions itself. It relies on VALR, a Johannesburg-based platform authorised by the Financial Sector Conduct Authority (FSCA). For the customer, however, everything takes place within the bank’s app, and purchases are paid for from their FNB account.
A ‘closed garden’
What sets this service apart is what it does not allow. You cannot transfer your cryptocurrencies to a personal wallet or another platform, nor can you deposit coins that you already own. You buy, hold and sell, and the money is returned to your account in rands. The bank justifies this restriction on the grounds of the security of its platform and a cautious approach to compliance rules and foreign exchange controls, which are very strict in South Africa.
This decision stands in contrast to that of Discovery Bank, which has been offering cryptocurrency since late 2025 via the Luno platform: its customers open or link a Luno account and transfer their money there freely. At FNB, cryptocurrency is marketed as just one investment option amongst many, not as a new form of currency. According to TechCentral, Sizwe Nxedlana, the bank’s chief executive, sees this as a response to customers who were asking for alternative investments to diversify their savings. Bheki Mkhize, head of wealth management at FNB, emphasises the importance of education: the bank wants its customers to understand what they are buying, “including the volatility”.
A model for the rest of the continent?
The offering would not have been possible without South Africa’s regulatory framework, one of the most advanced in Africa. According to Tech Build Africa, the FSCA had issued 300 licences to crypto-asset service providers out of 512 applications by mid-December 2025. Elsewhere, regulations are being put in place: in Nigeria, the central bank lifted the ban on banks serving authorised crypto firms in December 2023; Kenya and Ghana passed laws on virtual asset service providers in 2025.
The FNB model – a regulated platform operating behind the scenes, assets that cannot be withdrawn, and a cautious client base – has the potential to appeal to other banks. It reduces their risks and keeps customers with them. It is less suitable for those who use crypto to send money abroad or to protect themselves against a collapsing currency: for them, an asset that cannot be withdrawn solves nothing.
- FNB launches crypto trading, TechCentral.
- FNB brings crypto trading to banking platform, ITWeb.
- South Africa’s FNB Opens Crypto Trading, But the Coins Stay in the Bank, Tech Build Africa.
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