In the recent press release of leading digital infrastructure provider, Ripple, it announced its partnership with Absa, a South African Bank to secure its first major crypto custodial services in Africa.
According to the announcement, “the partnership is a result of the growing demand for secure, compliant, digital asset infrastructure across emerging markets”
Ripple officially launched its custody services in October 2024, introducing a platform designed for banks, financial institutions and crypto institutions to secure and manage digital assets. Ripple Custody technology is supported by XRP technology, enabling institutions to manage a wide range of assets including cryptocurrencies, fiat currencies and real world assets and securely transfer these assets directly from the platform.
Earlier this year, Ripple filed a trademark for “Ripple Custody” signalling its official expansion into custodial services of digital assets and diversification beyond its payment and settlements operations. Ripple has since provided custodial services for institutions in Europe, Latin America, Asia, Middle East, and now Africa.
This latest move is particularly bold and progressive, following Ripple’s recent activities and partnerships in the continent. In March 2025, Ripple partnered with African payment infrastructure provider, Chipper cash to unlock faster and more affordable cross- border payment in Africa. The payment infrastructure provider boasts of over five million customers across nine countries in Africa. According to Reece Merrick, Managing Director, Middle East and Africa, at Ripple, “the partnership marks a key milestone in the expansion of Ripple’s business in Africa”.
The previous month also saw a major development in Ripple’s African expansion strategy via the introduction of RLUSD, Ripple’s USD- backed Stablecoin to Africa through top African fintech and crypto services providers, Chipper Cash, VALR, and Yellow Card.
The stablecoin was launched in 2024 and has already exceeded over $700 million in market capitalization, demonstrating robust demand and adoption. According to the CEO of Chipper Cash, the introduction of RLUSD to Africa is “uniquely positioned to drive institutional use of blockchain technology beyond Africa and broader global markets including cross- border payments”.
Ripple continues to reinforce its commitment to cross-border digital assets services to Africa which commenced as far back as 2023 when it formed its first African partnership with Onafriq, formerly MFS Africa. In November 2023, Ripple partnered with African fintech payment hub, Onafriq, to provide cross- border payment services of digital assets between Africa and other regions.
The most recent partnership with South Africa’s Absa Bank unlocks vast potential for digital assets and digital finance across the continent. Africa’s leading financial institution, Absa Bank is reputable for offering diversified financial services across personal banking, investment banking, wealth management, insurance amongst other products and services. The bank managed 2.07 trillion South African rands ($119.5 billion) in assets and generated $6.34 billion in revenue by the end of 2024.
Absa Bank owns majority stakes in several African banks and operates across East, West and Southern Africa, giving Ripple access to a strong regional network, local expertise, and consumer trust.
The partnership provides Africa with tested and scalable digital infrastructure to scale and manage digital assets effectively. For Ripple, this represents another step towards global adoption and potentially broader use and value appreciation of XRP.
