Absa Bank launches crypto custody service in Ripple’s first major Africa deal

The Ripple Africa partnership with Absa Bank, one of South Africa’s leading financial institutions, signals a pivotal moment in the continent’s blockchain adoption. Announced earlier this week, the collaboration enables Absa to launch institutional-grade digital asset custody services using Ripple’s proven blockchain technology.

This partnership—Ripple’s first major custody deal in Africa—comes amid growing demand for compliant and secure digital infrastructure across emerging economies. The Ripple Africa partnership allows Absa to offer tokenized asset storage for institutional clients, including cryptocurrencies, while adhering to stringent global regulatory standards.

According to Reece Merrick, Ripple’s Managing Director for the Middle East and Africa,

“Africa is experiencing a major shift in how value is stored and exchanged. Our partnership with Absa underscores Ripple’s commitment to unlocking the potential of digital assets on the continent.” Reece Merrick, Ripple’s Managing Director for the Middle East and Africa

Institutional-grade custody enters the African market

Under the Ripple Africa partnership, Absa will integrate Ripple’s custody technology to provide scalable, secure solutions for tokenized assets. This move strengthens Ripple’s global custody network, which already spans Europe, Asia-Pacific, the Middle East, and Latin America.

The collaboration positions Absa as one of the first major African banks to venture into institutional crypto custody. By leveraging Ripple’s blockchain solutions, Absa can bridge the gap between traditional finance and decentralized asset management—an area of increasing interest among regulators and investors alike.

Ripple’s infrastructure, designed for security and compliance, will enable Absa to safely onboard institutional clients while maintaining alignment with both local and international standards. The Ripple Africa partnership thus represents a major milestone in harmonizing Africa’s growing fintech ecosystem with global blockchain trends.

Ripple’s stablecoin RLUSD gains traction in Africa

Beyond the Ripple Africa partnership with Absa, the company continues to expand its ecosystem through the rollout of its US dollar-backed stablecoin, Ripple USD (RLUSD), across select African markets. The stablecoin—issued by a New York trust company regulated by the state’s Department of Financial Services—has already surpassed $700 million in supply on Ethereum and the XRP Ledger.

Ripple’s collaborations with fintech platforms such as Chipper Cash, VALR, and Yellow Card illustrate its broader strategy to deepen digital finance access on the continent. Through the Ripple Africa partnership, Ripple aims to deliver reliable and regulated payment infrastructure that supports Africa’s growing need for faster, cheaper, and more transparent cross-border transactions.

Real-world blockchain innovation and future outlook

The Ripple Africa partnership also highlights practical blockchain applications in real-world scenarios. In Kenya, for instance, Ripple’s RLUSD stablecoin is being piloted by Mercy Corps Ventures in climate risk insurance programs. Funds are held in escrow and automatically released when satellite data confirms drought or extreme weather conditions—demonstrating blockchain’s capacity for social impact.

Ripple’s 2025 New Value Report shows that 64% of finance leaders in the Middle East and Africa view faster settlement times as the key driver for adopting blockchain-based currencies. With over 60 global regulatory licenses, Ripple is positioning itself as a trusted provider of compliant digital asset solutions for financial institutions.

The Ripple Africa partnership thus not only extends Ripple’s global influence but also underscores Africa’s growing importance in shaping the next wave of blockchain-based finance.