Roqqu also plans to expand to other African nations, such as Kenya and Uganda.
Roqqu, a Nigerian cryptocurrency exchange, has received the South African authority's regulatory approval to provide crypto-related services in the country.
With the new approval, Roqqu will allow users to buy cryptocurrencies, such as Bitcoin (BTC), Ether (ETH), and USD Coin (USDC), and withdraw funds using the South African rand.
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The crypto exchange has prioritized South Africa as a key target in its quest to dominate the African market. Roqqu previously outlined its growth plans claiming that it aims to reach 5 million clients by 2023 and focus on South Africa as the central location for its expansion.
The company's strategy revolves around enabling cross-border transactions via cryptocurrencies in African nations.
Roqqu CEO Benjamin Onomor highlighted the importance of this approach, stating:
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.
Onomor emphasized that this delay is problematic, as many "families depend on this remittance for critical needs like food and shelter."
In addition to South Africa, Roqqu plans to extend its reach to other African countries such as Ghana, Uganda, Kenya, and Tanzania in the near future.
As of January, Roqqu had over 1.4 million active customers. That same month, the exchange also received a virtual currency license for the European Economic Area (EEA), permitting it to operate in more than 30 countries. One of those countries is Lithuania, which recently granted registration to the crypto trading platform BitGet.
It is worth noting that at the end of January, the South African Government releases new regulations for crypto asset advertisements to protect consumers and ensure fair practices in the crypto market.
With its expansion into South Africa and other African countries, Roqqu aims to revolutionize the way Africans handle cross-border transactions, making the process more efficient and user-friendly.
