South African regulators have given Nigerian cryptocurrency exchange Roqqu approval to operate in the country, enabling users to buy cryptocurrencies and make withdrawals in rands, the nation’s fiat currency.
According to Cointelegraph, South Africa has been a top priority for Roqqu as the exchange seeks to expand its dominance in the African market. The company recently ranked South Africa as a focal point for its growth plans, which include reaching 5 million clients in 2023.
Roqqu now has its sights set on Ghana, Uganda, Kenya, and Tanzania for regional expansion in the near future.
The exchange’s strategy centers on facilitating cross-border transactions through cryptocurrencies, primarily in African countries.
Commenting more on the significance of the platform and expansion plans, Roqqu CEO Benjamin Onomor said, “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.”
“This is an issue as many families depend on this remittance for critical needs such as food and shelter,” he added.
As of January, Roqqu claimed to have more than 1.4 million active users. Additionally, the company also got a virtual currency license for the European Economic Area, thus allowing it to conduct business in more than 30 nations. It took two years for the exchange to receive permission from the region’s regulatory authorities.