Roqqu, a Nigerian crypto exchange, has received regulatory approval to operate in South Africa, a milestone which will now enable users to deposit and withdraw in South African Rand (ZAR) to and from their Roqqu wallets.
Roqqu sees the move as one that helps its mission of increasing global adoption of crypto whilst contributing to the emergence of an age of borderless transactions in cryptocurrency.
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
South Africa is attractive as one of the leading adopters of cryptocurrency in Africa. According to Israel Ololade, Roqqu’s Head of Product, 4 million South Africans own cryptocurrencies and that overall, South Africa ranks 18 out of the 26 top countries for crypto adoption.
The move brings several benefits to users:
- Access to their favourite crypto app, Roqqu, if they happen to be in South Africa
- The ability to perform global remittance without having to download a second app
- Access to a wider range of fiat currency options up to 100+
Other than South Africa, Roqqu has its sights set on:
- Ghana
- Uganda
- Kenya, and
- Tanzania
for regional expansion in the near future.
As of January 2023, Roqqu reported having more than 1.4 million active customers and received a virtual currency license for the European Economic Area, allowing it to operate in over 30 countries. The exchange’s license approval from regulatory authorities in the region took two years to obtain.
“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,” CEO Benjamin Onomor said at the time. “This is an issue as many families depend on this remittance for critical needs such as food and shelter.”
According to the World Bank, Africans pay the most for sending remittances to their home countries, with the cost for sending $200 at 7.8% for sub-Saharan Africa much higher than the global average figure of 6%.
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