The Nigerian cryptocurrency exchange Roqqu has officially secured a virtual currency license from the European Economic Area (EEA), marking a major milestone in its global expansion strategy. After two years of regulatory review and compliance preparations, Roqqu is now authorized to operate across 30 European countries—gaining access to one of the world’s most dynamic and high-potential crypto markets.
This strategic development enables Roqqu to scale beyond its home base in Nigeria, where it previously served as one of the leading local exchanges. With this new license, the platform aims to enhance its service offerings, improve cross-border financial accessibility, and position itself as a key player in both African and European digital asset ecosystems.
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Expanding Access Across Europe and Africa
Roqqu’s EEA license opens doors to over 400 million potential users across Europe. The company plans to leverage this access to grow its user base from 1.4 million active users in Nigeria to more than 5 million by 2025, targeting both retail investors and underbanked populations seeking alternative financial tools.
In addition to European markets, Roqqu is intensifying its focus on regional expansion within Africa. The exchange intends to roll out services in key economies including South Africa, Ghana, Uganda, Kenya, and Tanzania in the coming months. These countries represent fast-growing hubs for blockchain adoption and remittance innovation.
One of the primary drivers behind Roqqu’s mission is addressing inefficiencies in international money transfers. As CEO Benjamin Onomor highlighted in an interview with Cointelegraph, the African diaspora sends over $50 billion annually back home—yet traditional remittance channels often involve high fees and multi-day delays.
“Using cryptocurrency to solve this problem makes perfect sense,” said Onomor. “Crypto offers a faster, cheaper pathway that bridges financial gaps and reduces the cost of global fund transfers. That’s at the heart of what we’re trying to achieve.”
By integrating blockchain-based payment rails, Roqqu aims to streamline cross-border transactions, offering near-instant settlements at a fraction of conventional banking costs.
Rising Crypto Adoption Across Africa
Africa has emerged as one of the fastest-growing regions for cryptocurrency adoption. According to data from Chainalysis, the Middle East and North Africa (MENA) region received $566 billion in cryptocurrency inflows between July 2021 and June 2022—an impressive 48% year-on-year increase.
Onomor noted that perceptions of crypto have shifted dramatically across the continent:
“It’s gone from being seen as a scam or another form of Ponzi scheme to becoming one of Africa’s most popular asset classes.”
This transformation has been fueled by rising smartphone penetration, increasing internet access, and growing dissatisfaction with traditional banking systems that fail to serve large portions of the population.
Despite progress, challenges remain. Onomor identified several barriers facing users and startups alike:
- Limited or unreliable internet connectivity
- Low levels of financial literacy
- Lack of technical knowledge about digital assets
- Scarcity of software management tools for startups
- Unclear or inconsistent regulatory frameworks
Yet, he remains optimistic about the resilience and ingenuity of African innovators.
“One of the most beautiful things about the crypto industry is that it’s a world full of endless opportunities. For every challenge, crypto startups find a way to innovate around it.”
This spirit of problem-solving lies at the core of Roqqu’s philosophy—to build accessible, user-friendly platforms that empower everyday people to take control of their finances.
Nigeria’s Growing Role in the Global Crypto Landscape
As Africa’s most populous nation, Nigeria plays a pivotal role in shaping the continent’s digital economy. It has become a hotspot for blockchain experimentation and grassroots crypto usage. Notably, Nigeria recently launched its first Bitcoin Lightning Network node, strengthening Africa’s integration with Layer-2 scaling solutions designed for fast, low-cost Bitcoin transactions.
This development enhances the feasibility of using Bitcoin for daily payments and microtransactions—key use cases for financially underserved communities.
At the institutional level, Nigeria’s central bank is also exploring blockchain technology to support its Central Bank Digital Currency (CBDC) initiative—the eNaira. While adoption has been slower than expected, ongoing trials and partnerships signal continued interest in leveraging distributed ledger technology for national financial infrastructure.
Roqqu sees these developments as complementary to its own vision. By combining regulatory compliance with user-centric design, the exchange aims to serve as a bridge between decentralized innovation and mainstream financial inclusion.
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Frequently Asked Questions (FAQ)
What does Roqqu’s European license allow it to do?
The EEA virtual currency license permits Roqqu to legally offer cryptocurrency exchange and wallet services across 30 European countries, enhancing trust, compliance, and cross-border accessibility for users.
Why is Africa seeing rapid crypto adoption?
Many Africans rely on crypto due to limited banking access, high remittance costs, inflationary local currencies, and increasing mobile internet usage—all of which make decentralized finance more appealing and practical.
How does Roqqu plan to expand beyond Nigeria?
Roqqu plans to launch services in South Africa, Ghana, Kenya, Uganda, and Tanzania while simultaneously scaling into Europe through its newly acquired license, aiming for over 5 million users by 2025.
Is Roqqu regulated in Nigeria?
While Nigeria’s regulatory environment for crypto remains evolving, Roqqu has prioritized international compliance. Its EEA license reflects a commitment to meeting strict anti-money laundering (AML) and know-your-customer (KYC) standards.
Can I use Roqqu for international money transfers?
Yes. One of Roqqu’s main goals is to enable faster, cheaper cross-border remittances using cryptocurrency, especially targeting diaspora communities sending funds back to Africa.
What makes Roqqu different from other exchanges?
Roqqu focuses on user education, low fees, localized support, and solving real-world financial problems like slow remittances—making it particularly suited for first-time crypto users in emerging markets.
Roqqu’s journey reflects a broader trend: homegrown African fintech platforms gaining global recognition through innovation, resilience, and deep understanding of local needs.
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