FNB Steps Into Crypto as Demand for Digital Assets Grows in South Africa

• FNB customers can now trade BTC, ETH, XRP, SOL, and USDT directly through the bank’s existing share-trading platform.
• The service starts from just R10 and operates 24/7, reflecting growing demand for crypto and alternative investment options.

First National Bank, part of South Africa’s second-largest banking group by assets, has launched a crypto investing service for its customers in partnership with licensed local exchange VALR. The move puts BTC, ETH, XRP, SOL, and USDT directly inside FNB’s existing share-trading platform, available around the clock from as little as R10.

In addition, FNB serves close to 9 million customers, and the launch responds to what the bank describes as consistent and growing demand for alternative investment options.

Why FNB Moved Now?

Crypto assets under custody at major South African platforms, Luno, VALR, and Ovex, topped R25 billion by late 2025. More than 6 million South Africans hold a crypto asset, with the country recording one of the largest Bitcoin uptake rates in the world.

Sizwe Nxedlana, CEO of FNB and RMB Private Banking and Wealth Management, framed the launch directly as a response to customer feedback, not a speculative bet on the asset class. Bheki Mkhize, CEO of FNB Wealth and Asset Management, added that clients have been showing significant interest in cryptocurrency and that FNB’s role is to give them a trusted platform to access it alongside the tools to manage their risk.

The Restriction You Need to Know About

There is one important limitation. Crypto assets cannot be transferred into or out of the FNB system. That makes this offering different from a standalone exchange account: customers get investment exposure within the bank’s environment, not unrestricted access to move coins wherever they choose.

Moreover, South African exchange-control regulations govern how value moves across borders, and the restriction also serves as a security measure; keeping assets within a controlled environment reduces exposure to scam wallets and fraudulent platforms.

FNB Is Not the First, But the Scale Is Different

Discovery Bank struck a similar arrangement with Luno in November 2025, allowing clients to link their Luno accounts to buy, hold, and sell crypto through the Discovery Bank app. 

Also, FNB entering the space through VALR, with a broader customer base and deeper retail banking reach, takes the mainstream adoption story in South Africa to a different level entirely.

FNB has also signalled this is just the beginning, with plans to broaden the crypto offering and add educational content as the service develops. Significantly, when a bank opens a regulated, familiar gateway to Bitcoin and Ethereum, the barrier to first-time crypto ownership drops notably. 

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