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Crypto exchange Roqqu receives South African approval to expand operations

Home » Crypto exchange Roqqu receives South African approval to expand operations

Nigeria’s very own Roqqu crypto exchange has just been granted the regulatory thumbs-up to spread its wings in South Africa, providing seamless on and off-ramps for the South African rand. Talk about making an entrance!

As Roqqu struts its stuff on the South African crypto scene, it’s worth noting that the country has always been a key target for the exchange’s ambitious plans. With dreams of wooing 5 million clients by 2023, Roqqu’s aspirations for African market domination are no secret.

And that’s not all! Roqqu’s got its eyes on Ghana, Uganda, Kenya, and Tanzania for some serious regional expansion in the near future.

Already boasting a cool 1.4 million active customers as of January, Roqqu’s been making waves with its virtual currency license for the European Economic Area, opening doors to over 30 countries. And it only took them two years to get the nod from the region’s regulators.

Roqqu’s all about making cross-border transactions a breeze with cryptocurrencies, especially in African countries. CEO Benjamin Onomor sums it up best: “Africans who live and work in [the] diaspora send over $5 billion yearly back home; they do so with so much stress and have to wait days in some cases before the funds get to their family members in Africa.” He adds, “This is an issue as many families depend on this remittance for critical needs such as food and shelter.”

With the Middle East and North Africa being the world’s fastest-growing region for crypto adoption (hello, $566 billion in transactions between July 2021 and June 2022), Africa’s crypto-focused startups raised a whopping $474 million in funds last year. That’s a 429% jump from 2021, outshining the global average like a total boss.