The cryptocurrency landscape in Africa is undergoing a transformative shift, with local exchanges expanding their reach beyond regional borders. One of the most notable developments in recent years is Roqqu, a leading Nigerian crypto exchange, securing a Virtual Currency License in the European Economic Area (EEA) after two years of regulatory review. This milestone authorizes Roqqu to operate across 30 European countries, marking a pivotal step in its global expansion strategy and positioning it within one of the world’s most significant digital asset markets.
This license not only validates Roqqu’s compliance standards but also strengthens its mission to bridge financial gaps through blockchain innovation—particularly for underserved populations across Africa and the diaspora.
Expanding Access and User Growth Targets
With its new European authorization, Roqqu aims to grow its user base from 1.4 million active users in Nigeria—its sole market prior to licensing—to over 5 million by 2023. The exchange has outlined plans to roll out services in key African nations including South Africa, Ghana, Uganda, Kenya, and Tanzania in the coming months, further solidifying its pan-African footprint.
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The timing of this expansion aligns with rising demand for decentralized financial solutions across the continent. As more Africans gain internet access and smartphone penetration increases, the appetite for alternative financial tools like cryptocurrencies continues to surge.
Addressing Real-World Financial Challenges
A core driver behind Roqqu’s vision is solving real economic pain points—especially in cross-border remittances. According to CEO Benjamin Onomor, the African diaspora sends over $50 billion annually back home to family members. However, traditional remittance channels often involve high fees and delays of several days.
“Using cryptocurrency to solve this problem makes perfect sense,” Onomor told Cointelegraph. “Crypto is faster, cheaper, and helps close the gap in global money transfers. That’s at the heart of what we want to achieve.”
By leveraging blockchain technology, Roqqu aims to streamline these transactions, offering near-instant settlements at a fraction of conventional costs. This use case exemplifies how digital assets are moving beyond speculation and into practical, everyday utility.
From Skepticism to Mainstream Adoption in Africa
Just a few years ago, cryptocurrencies were widely misunderstood across much of Africa—often dismissed as scams or Ponzi schemes. Today, they’ve evolved into one of the continent’s most popular asset classes.
Onomor reflected on this transformation:
“Crypto has gone from being seen as a fraud to becoming one of Africa’s most embraced financial tools. The shift in perception has been remarkable.”
Data supports this trend. According to Chainalysis, the Middle East and North Africa (MENA) region recorded $566 billion in cryptocurrency inflows between July 2021 and June 2022—an impressive 48% increase year-on-year. Much of this growth stems from grassroots adoption, peer-to-peer trading, and growing trust in decentralized finance (DeFi) applications.
Overcoming Barriers to Innovation
Despite rapid adoption, challenges remain for crypto startups operating in Africa. Onomor highlighted several key obstacles:
- Limited or unreliable internet access in rural areas
- Low levels of financial literacy
- Lack of technical knowledge among new users
- Absence of robust software management tools
- Unclear or evolving regulatory frameworks
Yet, he emphasized that these hurdles have not stifled innovation. On the contrary, they’ve inspired creative solutions.
“One of the most beautiful things about the crypto industry is that it’s a world full of infinite opportunities. For every challenge, startups find a way to innovate around it.”
Examples include mobile-first wallets, localized customer support, and educational campaigns designed to onboard users safely and sustainably.
Nigeria: A Hub for African Crypto Innovation
As Africa’s most populous nation, Nigeria plays a central role in the continent’s crypto ecosystem. It ranks among the top countries globally for peer-to-peer Bitcoin trading volume and has become a testing ground for new blockchain applications.
Recent milestones include the launch of Nigeria’s first Bitcoin Lightning Network node, which enhances fast, low-cost micropayments and strengthens Africa’s integration with Layer-2 scaling solutions. Additionally, the Central Bank of Nigeria is actively exploring blockchain technology for its proposed Central Bank Digital Currency (CBDC), known as the eNaira.
These developments signal a dual trajectory: while private-sector innovators like Roqqu push forward with market-driven solutions, public institutions are also engaging with blockchain’s potential—albeit cautiously.
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Strategic Positioning in a Competitive Landscape
Roqqu’s EEA license places it among a select group of African-born exchanges with formal recognition in Europe. This regulatory approval allows it to offer compliant trading services, adhere to anti-money laundering (AML) protocols, and build trust with international investors.
Moreover, the exchange is focusing on user experience—particularly for beginners entering the crypto space. By offering competitive fees, intuitive interfaces, and localized support, Roqqu aims to lower barriers to entry and foster long-term engagement.
Frequently Asked Questions (FAQ)
Q: What does Roqqu’s European license allow it to do?
A: The Virtual Currency License permits Roqqu to legally operate as a crypto exchange across all 30 countries in the European Economic Area (EEA), providing regulated digital asset trading services.
Q: Why is Nigeria important in the African crypto market?
A: Nigeria is Africa’s largest economy by population and a leader in cryptocurrency adoption. High inflation, currency volatility, and limited banking access have driven many Nigerians toward digital assets as an alternative store of value and payment method.
Q: How can crypto improve remittances in Africa?
A: Traditional remittance services charge high fees (often 5–10%) and take days to settle. Cryptocurrencies enable near-instant transfers with significantly lower costs, making them ideal for cross-border money flows.
Q: Is Roqqu available outside Africa?
A: Yes. Following its EEA licensing, Roqqu can now serve customers in 30 European countries, expanding its reach beyond Africa into major global markets.
Q: What security measures does Roqqu use?
A: While specific details weren’t disclosed in the original report, licensed exchanges typically implement Know Your Customer (KYC), two-factor authentication (2FA), cold storage for funds, and compliance with AML regulations.
Q: How does Roqqu compare to other African exchanges?
A: Roqqu differentiates itself through regulatory compliance, user-focused design, and a clear mission to solve financial inclusion challenges—setting it apart from less-regulated or purely profit-driven platforms.
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Final Thoughts
Roqqu’s achievement underscores a broader trend: African fintech innovation is no longer confined to local markets. With strategic licensing, a focus on real-world utility, and deep understanding of regional challenges, homegrown platforms are now competing on the global stage.
As crypto adoption accelerates worldwide—and especially across emerging economies—the role of compliant, user-centric exchanges like Roqqu becomes increasingly vital. Their success could pave the way for greater financial inclusion, faster cross-border transactions, and a more equitable digital economy.
Core Keywords: Nigerian crypto exchange, Roqqu, European Virtual Currency License, cryptocurrency in Africa, blockchain adoption, crypto remittances, EEA crypto regulation.