Ripple and Absa Bank struck a deal to roll out institutional digital asset custody in South Africa, a move the companies say will let Absa offer secure storage and management of cryptocurrencies and tokenized assets to institutional clients.
The arrangement marks Ripple’s first major custody partnership on the continent, according to the company’s announcement.
What changed for Absa after the deal
Under the agreement, Absa will use Ripple’s institutional-grade custody technology to deliver scalable, secure safekeeping for tokenized assets, including crypto.
The firms did not publish a go-live date or product list, and neither disclosed licensing specifics. Ripple said its custody network now spans Europe, the Middle East, Asia-Pacific, Latin America, and Africa.
In the statement, Reece Merrick, Ripple’s managing director for the Middle East and Africa, said Africa is “experiencing a major shift in how value is stored and exchanged,” framing the partnership as part of a wider regional push.
Robyn Lawson, Absa’s head of digital product and custody, called the solution “secure, compliant, and robust,” citing the ability to “deliver the next generation of financial infrastructure” to customers.
How South Africa’s rules set the stage
South Africa has taken concrete steps to regulate crypto. In 2022, the Financial Sector Conduct Authority formally declared crypto assets “financial products” under the FAIS Act, creating a path for licensing and oversight. The FSCA began licensing crypto asset service providers in 2023 and has continued to update approvals through 2024.
That regulatory direction helps explain the timing. Ripple’s custody product emphasizes policy and governance controls, security certifications and compliance features, which line up with bank requirements in regulated markets.
How Ripple’s Africa push fits together
The Absa pact follows a series of moves by Ripple on the continent. In March, Ripple announced a partnership with payments firm Chipper Cash to support crypto-enabled cross-border flows into Africa.
In September, Ripple said its USD-backed stablecoin RLUSD would be available in Africa via local partners including VALR and Yellow Card. Independent coverage on Wednesday also tied the Absa news to Ripple’s recent expansion in the region.
Absa, one of Africa’s largest diversified financial services groups, has highlighted investor-services and custody offerings in prior materials, and the bank’s profile underscores its scale in Southern, Eastern and West Africa.
The company has not posted a standalone press release about today’s custody partnership on its site as of publication.
What comes next
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Launch timing: Neither company disclosed a start date or initial asset scope. Unverified.
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Licensing watch: The FSCA continues to process CASP licenses under the FAIS framework. Any institutional custody service will be expected to align with those requirements.
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Broader rollout: Ripple has signaled ongoing custody expansion in multiple regions, and the company says its custody client base crosses five continents.
Editor’s note on verification: We verified the partnership, continent-first framing, quotes, and contextual prior announcements with the official Ripple release and independent media coverage. Regulatory background is supported by Government Gazette and FSCA publications. Some operational details remain undisclosed by the parties and are marked unverified above.
