Roqqu Expands Its Reach: Regulatory Approval in South Africa and Future Goals

Roqqu Scores a Win in South Africa!

Nigerian crypto exchange Roqqu has recently received the thumbs-up from regulators to operate in South Africa, marking a giant leap for the platform in the African crypto scene. Now, users can buy cryptocurrencies and cash out their digital assets in South Africa’s beloved rand. It’s like allowing kids into a candy store, only this time the candy is Bitcoin!

Why South Africa?

South Africa isn’t just a pretty face in Africa’s crypto portfolio; it’s a heavy hitter. Roqqu has its eyes locked on this dynamic market as it aims for ambitious growth targets, like reaching a whopping five million clients by the end of 2023. This isn’t just some pie-in-the-sky dream; it’s the strategic move of a company looking to conquer the continent.

Fingers Crossed for Regional Expansion

But South Africa is just the start. Roqqu’s CEO, Benjamin Onomor, has pointed the company’s compass toward Ghana, Uganda, Kenya, and Tanzania as the next big stops along their expansion journey. It’s a classic tale of ‘go bigger, go better,’ and Roqqu seems to be playing the long game. Did someone say, “Africa, here we come?”

A Customer Base to Brag About

Don’t let Roqqu’s relatively new footprint fool you. As of January, they boast an impressive 1.4 million active users. And just when you thought their ambitions were too voracious, they also bagged a virtual currency license for the European Economic Area, paving the way to operate in over 30 countries. All of this just for the love of blockchain and crypto! Talk about a busy calendar!

The Remittance Revolution

Onomor also highlighted a significant aspect of Roqqu’s vision: the facilitation of cross-border transactions. With over $5 billion sent back home annually by Africans in the diaspora, the importance of quick and reliable remittances cannot be overstated. “Families depend on these funds for food and shelter,” he explained, proving how vital Roqqu’s services really are.

“Africans living abroad struggle to send money home, waiting days for the funds to arrive,” said Onomor. “That’s exactly why we’re here.”

The Growing Market

If you thought that was impressive, hold onto your hats! According to data from Chainalysis, the Middle East and North Africa (MENA) region experienced a staggering 48% growth in cryptocurrency transactions from July 2021 to June 2022—over $566 billion worth of crypto flying around! Africa’s burgeoning crypto-focused startups raised a jaw-dropping $474 million last year, a massive increase from the $90 million in 2021.

Seems like Africa’s blockchain party is just getting started, and Roqqu is at the front of the line, ready to join in and bring the drinks!