Nigerian crypto exchange Roqqu has been granted regulatory approval to operate in South Africa, allowing users to purchase cryptocurrencies and withdraw funds with the country's fiat currency, the South African Rand, according to 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 ranked South Africa as a focal point for its growth plans, which includes reaching 5 million clients in 2023.
Roqqu has its sights set on Ghana, Uganda, Kenya, and Tanzania for regional expansion in the near future.
South Africa is one of the biggest crypto and blockchain adopting countries 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 as of 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 permission from the region's regulatory authorities.
The exchange's strategy centers on facilitating cross-border transactions through cryptocurrencies, primarily to African countries. According to the Roqqu CEO Benjamin Onomor, "Africans who live and work in 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 continued: "This is an issue as many families depend on this remittance for critical 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, transacting over $566 billion in cryptocurrencies between July 2021 and June 2022, up 48% from the previous year.
Cointelegraph recently reported that Africa's crypto-focused startups raised $474 million in funds last year, a 429% jump from the $90 million figure in 2021. The growth in capital flows surpassed the global average, which only saw a 4% increase in blockchain funding in 2022.
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