FNB Launches In-App Crypto Trading in South Africa via VALR Partnership

What to Know:

• First National Bank South Africa has partnered with crypto exchange VALR to offer native crypto trading to over 9 million users. 
• Trading is available within the FNB app and starts from as low as R10. 
• FNB currently offers limited cryptocurrencies for trading: Bitcoin, Ethereum, Ripple, Solana, and USDT. 
• Users will be unable to transfer crypto assets in or out of the FNB app due to compliance and security reasons. 

The second-largest bank in South Africa, First National Bank (FNB), announced a partnership with crypto exchange VALR, offering crypto trading to its clients for as low as R10.

The new feature, called “crypto investing,” is available to clients via the FNB app and enables them to trade crypto assets within the app. 

FNB CEO, Lytania Johnson, said that “customers will now have access and exposure to crypto assets, with the ability to trade a set of curated coins, as well as benefiting from the bank’s investment knowledge and experience.”

For now, available cryptocurrencies are limited to Bitcoin, Ethereum, Ripple, Solana and the dollar-pegged stablecoin, USDT. 

In a recent tweet, VALR CEO Farzam Ehsani said that “VALR is thrilled to partner with FNB and the FirstRand Group to bring crypto assets natively into mainstream banking for millions of everyday users.”

He went on to describe the FirstRand Group as the place where he expanded his knowledge of banking and finance. He added that he was “extremely excited to see the team pioneering this next evolution in digital finance.” 

With nearly 9 million customers and total assets over $50 billion, FNB is one of South Africa’s largest banks. The bank is hailed for pioneering digital banking in the country.

Why FNB Launched Crypto Trading Features

FNB says its foray into the world of crypto assets is driven in part by growth in the market. In recent years, crypto assets have evolved from niche instruments to a globally recognised asset class. In 2025, crypto ownership increased, with owners growing by 12.4% from 659 million to over 740 million.

The current total crypto market cap is about 2.86 trillion. Bitcoin alone has a market cap of $1.7 trillion, making it comparable to some of the world’s largest public companies. 

South Africa is Africa’s second-largest crypto market. The country recently ranked 9th on Chainalysis’s 2026 grassroots global adoption index. The IMARC Group valued the country’s crypto market at over $11 billion in 2024 and predicts that the market will grow to over $25 billion by 2033. 

FNB also says the decision was driven by increased client interest and growing regulatory clarity. FNB Wealth and Asset Management CEO, Bheki Mkhize, said the company has observed a lot of activity and interest from its clients around crypto.

Sizwe Nxedlana, who serves as CEO of private banking and wealth management at FirstRand, told BusinessTech that they had considered client requests for alternative investment solutions that will help broaden access to different asset classes with high growth potential.

“Crypto as an asset class, he says, offers this diversity. We believe this offering provides a safe and easy way for our customers to access cryptocurrencies.”

South Africa’s Regulatory Environment 

Despite recent controversy in South Africa’s crypto regulatory space, the country has one of the most mature and robust frameworks for digital assets in Africa.

By May 2026, the Financial Sector Conduct Authority (FSCA) had issued over 310 licences, while other countries like Nigeria, with similar market sizes, are still in regulatory sandbox phases. 

For banks and traditional financial institutions, which need much more clarity to enter the market, the South African government seems to be creating the right environment. “Regulators are now issuing more licences to respective financial institutions, thereby supporting and regulating the sector,” FNB says. 

For added compliance and security measures, FNB will not let users deposit or withdraw crypto assets from the FNB app to other exchanges.

FNB Joins Other South African Banks In Digital Assets 

FNB is not the only South African bank to make bolder adventures into digital assets in recent times. Late last month, Absa, arguably the third-largest bank in the country, announced Ripple-powered crypto custody services. It made the move less than two weeks after joining Standard Bank as one of ZARU’s major banking partners. 

In early September, Standard Bank was the only African bank to join a global consortium of 21 banks. The group plans to launch a USD stablecoin in 2027. Access Bank South Africa also partnered with an Australian fintech in early August to explore stablecoin infrastructure for cross-border business payments. 

While South Africa still has questions to answer on crypto and digital assets, the country’s current regulatory framework has instilled confidence in traditional financial institutions, as shown by big banks like FNB exploring crypto trading features.