Roqqu, a Nigerian cryptocurrency exchange, has obtained regulatory approval to operate in South Africa, allowing it to provide on and off-ramps to the South African rand currency. This approval enables Roqqu to offer users the ability to purchase cryptocurrencies and withdraw funds with the country’s fiat currency. South Africa has been a key target for Roqqu as it looks to expand its presence in the African market.
In addition to South Africa, Roqqu has plans to expand to other African countries including Ghana, Uganda, Kenya, and Tanzania in the near future. The exchange’s goal is to facilitate cross-border transactions through cryptocurrencies in African countries, with a particular focus on serving Africans living and working in the diaspora who send over $5 billion back home annually. Roqqu claims to have more than 1.4 million active customers and received a virtual currency license for the European Economic Area in January, allowing it to operate in over 30 countries.
The adoption of cryptocurrencies in Africa and the Middle East has been on the rise. According to data from Chainalysis, the Middle East and North Africa region has experienced the fastest growth in crypto adoption, with over $566 billion transacted in cryptocurrencies between July 2021 and June 2022, a 48% increase from the previous year. Furthermore, African startups focused on cryptocurrencies raised $474 million in funding in 2022, marking a staggering 429% increase from the previous year, surpassing the global average of just 4% increase in blockchain funding during the same period.
Roqqu’s CEO, Benjamin Onomor, highlighted the significance of remittances for Africa and the challenges that families face when relying on these funds for essential needs such as food and shelter. Roqqu’s strategy aims to use cryptocurrencies to facilitate cross-border transactions, providing a faster and more cost-effective solution to address these challenges. With its expansion plans and regulatory approvals, Roqqu is positioning itself to be a major player in the African cryptocurrency market, aiming to empower Africans with easier and more accessible financial services through cryptocurrencies
