First National Bank Launches Bitcoin Trading for 9 Million Clients in South Africa

First National Bank (FNB), South Africa’s second-largest bank, has launched a feature called “Crypto Investing,” enabling its nearly 9 million retail clients to buy Bitcoin and other cryptocurrencies directly through its banking app. Announced on October 6, 2026, this initiative was developed in partnership with local crypto exchange VALR.

Clients can trade five digital assets: Bitcoin (BTC), Ethereum (ETH), XRP, Solana (SOL), and Tether (USDT). The minimum trade amount is set at R10, approximately $0.60, and trading is available 24/7, aligning with the operational hours of cryptocurrency markets. Purchases can be funded directly from FNB accounts, eliminating the need to transfer funds to third-party exchanges.

However, there is a significant limitation: any cryptocurrency acquired through FNB must remain within the bank’s ecosystem, prohibiting transfers to external wallets or exchanges. This restriction is in place to comply with South African exchange-control regulations and to enhance security, reducing the risk of clients falling victim to scams.

FNB executives cited strong customer demand for alternative investment options as a driving factor behind this service. The bank aims to position itself as a trusted entry point into the cryptocurrency market, equipped with established risk management practices.

FNB is not the first South African bank to venture into cryptocurrency. Discovery Bank previously partnered with crypto exchange Luno in November 2025. As of late 2025, it was estimated that over 6 million South Africans held crypto assets, with more than R25 billion reported under custody at major platforms.

The partnership with VALR represents a significant distribution opportunity for the exchange, as it gains access to FNB’s extensive client base. FNB plans to expand the range of supported assets and provide educational resources to help clients navigate the complexities and risks associated with digital currencies.