Nigerian cryptocurrency exchange Roqqu has received regulatory approval to operate in South Africa, allowing users to buy cryptocurrencies and withdraw funds using the country's fiat currency, the South African rand, local media reported.
South Africa has been a priority for Roqqu as the exchange seeks to expand its dominance of the African market. In a previous interview with Cointelegraph, the company made South Africa a priority for its growth plans, which include reaching 5 million customers by 2023. Roqqu has its sights set on Ghana, Uganda, Kenya and Tanzania for regional expansion in the near future.
Roqqu claims to have more than 1.4 million active customers as of January, when it also received a virtual currency license from the European Economic Area, effectively giving it the green light to operate in more than 30 countries. It took two years for the exchange to be licensed by regulators in the region.
The exchange's strategic focus is to facilitate cross-border transactions through cryptocurrencies, mainly in African countries. According to Roqqu CEO Benjamin Onomor, “Africans living and working abroad repatriate more than $5 billion a year; a problem because many families rely on this remittance for critical needs like 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 more than $566 billion in cryptocurrency transactions Between July 2021 and June 2022, a 48% increase from the previous year.
