Roqqu, a cryptocurrency exchange based in Nigeria, has received regulatory clearance to offer its services in South Africa, enabling individuals to exchange cryptocurrencies using the South African Rand. This move is part of Roqqu’s ambitious plan to extend its reach in the African market and acquire five million clients by 2023. Roqqu’s CEO, Benjamin Onomor, revealed that the firm plans to expand into other African countries, including Ghana, Uganda, Kenya, and Tanzania, in the near future. Roqqu’s strategy focuses on making cross-border transactions more accessible to African migrants, who often struggle with sending money to their families.
Roqqu is one of many crypto-focused startups in Africa that is experiencing significant growth, with African firms raising $474 million in funds last year, exceeding the global average of a 4% increase in blockchain funding in 2022.