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First National Bank Launches Bitcoin Trading for Nearly 9 Million Clients in South Africa
First National Bank (FNB), South Africa's second-largest bank, has introduced a new feature called 'Crypto Investing' that allows its nearly 9 million retail clients to buy and trade Bitcoin directly through its banking app. This service, announced on October 6, 2026, was developed in partnership with local cryptocurrency exchange VALR, enabling clients to engage in digital asset trading without needing to navigate external platforms.
Currently, the trading service supports five digital assets: Bitcoin (BTC), Ethereum (ETH), XRP, Solana (SOL), and the USDT stablecoin from Tether. Clients can initiate trades with a minimum investment of R10, approximately $0.60, and transactions are available 24/7, aligning with the operational hours of cryptocurrency markets. Purchases can be funded directly from clients' FNB accounts, eliminating the need for transfers to third-party exchanges.
However, there is a significant limitation; any cryptocurrency purchased through FNB remains within the bank's ecosystem, preventing clients from transferring their assets to external wallets or exchanges. This restriction is in place to comply with South African exchange-control regulations and to enhance security against potential scams. FNB executives highlighted the growing demand for alternative investments as a key driver for this initiative, positioning the bank as a secure entry point into the cryptocurrency market.
FNB's move follows a similar initiative by Discovery Bank, which partnered with crypto exchange Luno in November 2025. As of late 2025, over 6 million South Africans were estimated to hold cryptocurrency assets, with more than R25 billion reported under custody at major platforms. FNB plans to expand its list of supported digital assets and provide educational resources to help clients navigate the complexities of cryptocurrency investments.
Source: KLEA News