Nigerian crypto exchange Roqqu has gained regulatory approval to operate in South Africa, allowing users to buy cryptocurrencies and withdraw funds with the country’s fiat currency, the South African rand, according local media reports.
South Africa has been a top priority for Roqqu as the exchange seeks to expand its dominance in the African market. In a previous interview with Cointelegraph, the company listed South Africa as a focal point for its growth plans, which includes reaching 5 million customers by 2023.
Roqqu is targeting Ghana, Uganda, Kenya and Tanzania for regional expansion in the near future.
South Africa is one of the biggest adopters of crypto and blockchain in Africa; and today, @roqqupay just received regulatory approval to operate in South Africa #RoqqucomingtoSA pic.twitter.com/D6rdiIkAFZ
— Roqqu (@roqqupay) April 20, 2023
Roqqu claimed to have over 1.4 million active customers in January, when it also received a virtual currency license for the European Economic Area, effectively giving it the green light to operate in over 30 countries. It took two years for the exchange to receive clearance from regulatory authorities in the region.
The exchange’s strategy centers on facilitating cross-border transactions through cryptocurrencies, primarily to African countries. According to Roqqu’s CEO, Benjamin Onomor, “Africans living and working in the Diaspora send more than $5 billion a year home, they do it under so much stress and have to wait days in some cases before the funds are released. does not reach their family members in Africa.” He continued, “This is a problem because many families depend on this remittance for basic needs such as food and shelter.”
Data from Chainalysis shows that the Middle East and North Africa is the fastest growing region in the world for crypto adoption, with over $566 billion in cryptocurrency transactions between July 2021 and June 2022, up 48% year-on-year.
Cointelegraph recently reported that African crypto-focused startups raised $474 million in funding last year, a 429% jump from the $90 million figure in 2021. Growth in capital flows exceeded the global average, which only saw a 4% increase in blockchain funding in 2022.
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