by Nigerian crypto giant Roqqu has acquired Flitaa, a Kenya-based crypto exchange, in a landmark deal. This acquisition marks Roqqu’s official entry into East Africa’s crypto market. The company aims to accelerate its expansion across the continent with this strategic move.
Roqqu completed the acquisition with an all-cash deal. The company secured regulatory approval, allowing it to bypass Kenya’s slow-moving crypto licensing process. This move gives Roqqu a significant advantage over its competitors, which are struggling with regulatory hurdles in the region.
Flitaa, with operations in both Nigeria and Kenya, will continue to operate independently. However, its leadership and staff have exited the company. Roqqu provided severance packages to the outgoing team. Great Onomor, a director at Roqqu, will now head Flitaa’s operations as its new CEO.
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Why East Africa’s Crypto Market?
East Africa’s crypto market is rapidly growing. Kenya, Uganda, Rwanda, and Tanzania are emerging as hotspots for digital asset adoption. Roqqu’s acquisition of Flitaa provides a launchpad for deeper expansion into these markets.
Roqqu’s Chief Marketing Officer, Ayo Shonibare, emphasized the company’s commitment to Africa.
“We’re not just building to expand to Europe. We also want to expand into our home base, so it only makes sense that in our quest for this expansion, we also expand into our own home territory,” he said.
Impact on Users and the Crypto Ecosystem
Flitaa users will gain access to Roqqu’s broader suite of services. This integration will stabilize Flitaa’s operations, which have previously struggled due to limited funding and infrastructure. The combined entity aims to offer:
- Broader product offerings
- Improved infrastructure
- Seamless access to crypto trading and remittance services
Roqqu’s entry into East Africa’s crypto market signals a new era of consolidation in Africa’s digital asset space. The company plans to leverage its platform to facilitate cross-border transactions and remittances, a crucial need for Africans living and working in the diaspora.
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What’s Next for Roqqu in East Africa’s Crypto Market?
Roqqu is setting its sights on Uganda, Rwanda, and Tanzania after establishing its presence in Kenya. The company’s strategy includes:
- Expanding its user base beyond West Africa
- Building a robust infrastructure for digital asset trading
- Advocating for crypto adoption and financial inclusion across East Africa
With over 1.4 million active customers, Roqqu is poised to become a dominant player in East Africa’s crypto market.
Roqqu’s acquisition of Flitaa is a significant milestone for Africa’s digital economy. The move underscores the increasing significance of East Africa’s cryptocurrency market and sets the stage for further intra-African collaborations in the industry.
