Nigerian startup Roqqu has officially entered the East African market by acquiring Flitaa, a Kenya- and Nigeria-based crypto exchange.
The all-cash deal, though undisclosed in value, gives Roqqu immediate access to Kenya’s $100 million crypto ecosystem and sets the stage for further expansion into Uganda, Rwanda, and Tanzania.
This a rare intra-African crypto acquisition. It was founded in 2021, carved out a niche in Kenya through deep M-PESA integration, support for lesser-traded tokens, and consistent transaction volume—facilitating over 560,000 transactions monthly for a user base of 72,000+.
Despite facing capital constraints and lacking proprietary technology or licenses, Flitaa’s regulatory setup and market access made it an attractive target.
With approval from Kenyan authorities, the deal allows Roqqu to circumvent the country’s slow-moving crypto licensing process, which remains in regulatory limbo. Flitaa will continue operating independently but on Roqqu’s infrastructure, with Roqqu director Great Onomor stepping in as CEO following the exit of Flitaa’s original leadership.
This transaction marks Africa’s first publicly confirmed intra-continental crypto acquisition, signaling a growing trend toward regional consolidation in a sector long hampered by fragmented regulations and limited venture funding.
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“This acquisition positions Roqqu to accelerate its pan-African ambitions and immediately tap into East Africa’s crypto corridors,” said Onomor.
Already operational in Nigeria, Ghana, and South Africa, and holding an EU virtual currency license, Roqqu is expanding its continental footprint with a strategy that blends organic growth with strategic acquisitions. Notably, the company has achieved this expansion without external funding, relying instead on strong internal cash flows—a sign of financial maturity and resilience.
As global crypto giants like Binance and OKX eye Africa, Roqqu’s acquisition could be a harbinger of increased competition and market consolidation. It also sets a precedent for cross-border M&A as a viable path to scale in Africa’s complex and evolving regulatory environment.
By opting to grow within Africa rather than pivoting early to markets like Europe or the U.S., Roqqu is making a bold bet on the continent’s long-term crypto potential—and inviting other startups to do the same.
