FNB adds crypto trading as Starlink hits capacity limits in Kenya

South Africa’s First National Bank (FNB) has launched crypto trading for its customers, partnering with local exchange VALR to offer five cryptocurrencies. Meanwhile, Starlink has halted new residential sign-ups in eight Kenyan counties due to capacity limits, and Airtel Money is expanding its mobile money services with a Mastercard virtual card. Gauteng’s government has also digitized the process for public transport licenses.

FNB launches crypto trading via VALR

First National Bank (FNB), one of South Africa’s largest banks, has integrated crypto trading into its platform through a partnership with local exchange VALR. According to TechCabal, FNB customers can now buy and sell five cryptocurrencies: Bitcoin, Ether, XRP, Solana, and USDT.

However, FNB’s offering comes with a key limitation: customers cannot transfer their crypto assets to external wallets or other exchanges. The service is available through FNB’s Share Saver, Share Builder, Share Investor, and Share Zero products.

Regulatory tailwinds for crypto in South Africa

South Africa’s regulatory environment has evolved to accommodate crypto businesses. In 2022, the government classified cryptocurrencies as financial products under the Financial Advisory and Intermediary Services (FAIS) Act. This move has led to the licensing of over 200 crypto businesses, according to TechCabal, giving banks confidence to collaborate with these operators.

Absa, South Africa’s third-largest bank by assets, now offers crypto custody services for corporate and institutional clients. Other players like Discovery Bank have also partnered with exchanges like Luno, while payment firms such as Sanlam and Lesaka are exploring stablecoin integrations.

Starlink hits capacity limits in Kenya

Starlink has stopped accepting new residential customers in eight Kenyan counties, including Nairobi, Kiambu, and Mombasa, citing capacity constraints. The decision, reported by TechCabal, follows a 58.5% year-on-year increase in subscriptions to 27,616 by June 2026.

Average download speeds in Kenya have also declined, dropping 26% year-on-year to 34.55 Mbps as of March 2026. The freeze on new sign-ups underscores the challenges of scaling satellite internet in high-demand markets.

Airtel Money gains ground in Kenya’s mobile money market

Airtel Money is rapidly expanding its footprint in Kenya’s mobile money sector. Its market share rose from 2.8% in June 2023 to 11.1% by June 2026, according to TechCabal. The platform is now rolling out a Mastercard virtual card, allowing customers to make international payments directly from their Airtel Money wallets.

The move positions Airtel Money as a direct competitor to Safaricom’s M-PESA, which dominates the market. M-PESA offers similar services through its M-PESA GlobalPay Visa card.

Gauteng digitizes public transport licensing

The Gauteng Provincial Government has launched a digital platform to process public transport operating licenses. Kedibone Diale-Tlabela, Gauteng’s Transport Member of the Executive Council (MEC), announced the initiative, which prioritizes applications from e-hailing drivers, including those working for Uber and Bolt.

The platform aims to streamline compliance with South Africa’s mandate requiring ride-hailing drivers to secure e-licences starting September 2025. The move reflects broader efforts to modernize regulatory systems for gig economy startups.

What this means

Lazyfounder analysis — our interpretation, not reported fact.

For founders and operators, these developments highlight the growing intersection of traditional finance and crypto in Africa, alongside the practical challenges of scaling digital infrastructure. South Africa’s regulatory clarity is enabling banks to experiment with crypto services, but restrictions like FNB’s off-platform transfer ban suggest caution.

Starlink’s capacity constraints in Kenya underscore the risks of rapid adoption without adequate infrastructure—useful for startups evaluating satellite internet as a growth lever. Meanwhile, Airtel Money’s rising market share and virtual card launch signal opportunities in mobile money, especially for cross-border payments.

The digitization of transport licensing in Gauteng reflects broader trends toward regulatory modernization, which could ease compliance burdens for e-hailing and logistics startups if replicated elsewhere.

Key takeaways

• South African banks are embracing crypto trading but with strict controls, limiting customer flexibility.
• Regulatory clarity in South Africa is accelerating partnerships between banks and licensed crypto exchanges.
• Satellite internet providers like Starlink face scalability challenges in high-demand markets like Kenya.
• Airtel Money’s growth in Kenya highlights the competitive potential of mobile money beyond Safaricom’s M-PESA.
• Digital licensing systems for transport could reduce friction for gig economy startups in Africa.

FAQ

Why can’t FNB customers transfer crypto assets off-platform?

FNB’s crypto trading service is designed as a closed ecosystem, likely to comply with internal risk management policies. The bank has not provided public details on whether this restriction will be lifted in the future.

What does Starlink’s capacity freeze mean for Kenyan users?

Starlink’s decision to halt new residential sign-ups in eight counties suggests it is struggling to meet demand with its current satellite capacity. Existing customers may also experience slower speeds until infrastructure expands.

How does Airtel Money’s virtual card compare to M-PESA’s offering?

Both Airtel Money’s Mastercard virtual card and M-PESA’s GlobalPay Visa card allow international payments. Airtel Money’s growth in market share indicates it is gaining traction, but M-PESA remains dominant with a broader ecosystem of services.

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