Wambere Mambo, Director of Global Markets at ABSA Bank Kenya, has revealed that the bank is looking at offering subsidiary services built around its digital asset custody business, framing custody as the foundation of a broader institutional offering rather than a standalone safekeeping product.

Speaking about the bank's latest digital asset custody service, Mambo said ABSA envisions many other services that can emerge from the custody of digital assets.

"When you have a custody asset that has a digital format, it is going to evolve into other services be it trading, be it lending. We utilize some of those securities to be able to give funding and it will also bring up treasury solutions," Mambo said. "So the magnitude of just having that digital asset class is not just being able to store the value of that asset class, but it is the other services that can come from that solution."

In her remarks, Mambo positioned the digital format of custody assets as the key enabler, noting that securities held in digital form can be mobilized for funding and treasury purposes within the bank. That model mirrors conventional securities markets, where custody arrangements have long underpinned lending and collateralised funding — services she indicated could now extend to assets held in form.

The comments were also shared by regional crypto outlet BitKE in an X (Twitter) post on October 26, 2026:

"When you have a custody asset that has a digital format, it's going to evolve into other services be it trading, be it lending." – Director, Global Markets, @AbsaKenya #CryptoCustody #CryptoCustodyKE #ABSAKenya #ABSAAfrica #InstitutionalCrypto #CryptoKenya #CryptoKE — BitKE (@BitcoinKE) October 26, 2026 (post link)

First African Bank With Institutional Digital-Asset Custody

ABSA Group has become the first African bank to offer institutional digital-asset custody, moving into a market that is gaining traction as traditional financial institutions expand into cryptocurrencies and tokenised assets. The Johannesburg-based lender launched its ABSA Digital Asset Custody service initially for institutional clients in South Africa, including asset managers, non-bank financial institutions, and corporates. The service provides the safekeeping, administration, and transfer of digital assets within a regulated banking environment.

Related coverage: ABSA Becomes First African Bank to Offer Crypto Asset Custody

A Year After the Ripple Partnership

The new service comes exactly one year after Ripple announced a strategic partnership with ABSA Bank to provide digital asset custody to the bank's customers in South Africa, an arrangement that brought Ripple's institutional digital asset custody offering to one of Africa's leading financial institutions.

Related coverage: Ripple Brings Institutional Digital Asset Custody to South Africa in Partnership with One of Africa's Leading Financial Institutions

Potential Expansion Into Kenya

The latest comments from ABSA Bank Kenya point to a potential expansion of the services into Kenya, likely following authorization for virtual assets service providers (VASPs), which is expected to take place from November 2026. Kenya has been preparing a compliance framework for VASPs ahead of that deadline. How that authorization process unfolds from November 2026 will shape whether and when the custody-led service model described by Mambo can reach Kenyan clients.

Related coverage: Chief of Staff and Head of Public Service, Kenya, Receives VASP Regulations Briefing Ahead of November 2026 Compliance Deadline