FNB Brings Crypto to Nearly 9 Million Customers First National Bank (FNB), the retail banking arm of South Africa's second-largest banking group by assets, has launched a crypto investing ser
First National Bank (FNB), the retail banking arm of South Africa's second-largest banking group by assets, has launched a crypto investing service for its customers. The new feature, called "Crypto Investing", opens digital asset trading to nearly 9 million clients. The bank built the service in partnership with VALR, a South African crypto asset service provider license holder.
Customers can access five digital assets: Bitcoin, Ethereum, Ripple (XRP), Solana and USDT, a stablecoin pegged to the US dollar.The offering is available across FNB's existing Share Saver, Share Builder, Share Investor and Share Zero products, with customers able to trade from as little as R10, around the clock, seven days a week.
Trading is "ringfenced within the FNB ecosystem", and crypto assets cannot be transferred in or out, with FNB citing platform security and "a more conservative approach to compliance and exchange control laws".Customers fund their crypto purchases directly from their bank accounts, removing the need to open a separate exchange account or transfer money to an external trading platform.
Sizwe Nxedlana, CEO of FNB and RMB Private Banking and Wealth Management, said the bank had responded to client requests for alternative investments.Bheki Mkhize, CEO of FNB Wealth and Asset Management, said the bank had observed increased interest in cryptocurrencies among its clients, adding that the offering would give customers access to alternative assets that could help diversify their investments.
FNB said it plans to expand the range of cryptocurrencies available through the service and introduce educational resources covering the risks associated with digital-asset investing.The move comes as South Africa develops a more formal regulatory framework for crypto assets and as banks increasingly seek to serve customers already participating in the market.
Sources:TechCentral: FNB launches crypto tradingCrypto.news: FNB lets South Africans buy Bitcoin, crypto from R10FNB Official Release via Novus Press Bulletin: FNB expands its alternative investments solutions by introducing crypto assets
