👨🏿🚀TechCabal Daily – Banks want their crypto cake
In today's edition: FNB’s crypto journey begins || Starlink pause in Kenya enters month three || Airtel Money eyes card market || Gauteng takes e-licences online
South Africa's largest bank, FNB, has introduced a feature on its investment platform that allows customers to trade cryptocurrencies. This move comes as African banks have been closely monitoring the crypto landscape for years, largely due to the complicated relationship between banks and crypto exchanges in Nigeria. In 2022, South Africa recognized cryptocurrencies as financial products under its FAIS Act, which led to the licensing of over 200 crypto businesses.
This confidence in the regulatory environment has now encouraged South African banks to explore crypto trading opportunities. FNB's new feature allows customers to buy and sell five cryptocurrencies, including Bitcoin, on its share trading platform, but users cannot transfer these assets to external exchanges or wallets.
Written by urgent.news from TechCabal's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
