NextBillion - An Initiative of the William Davidson Institute at the University of Michigan

Monday, April 17, 2017

Crowdfunding is a global phenomenon but it is obviously evolving at different speeds in different countries. Africa is one region where the new form of finance can be utilized to benefit the economy.  A recent report published by the CrowdfundingHub highlights a single country in Africa: Nigeria.

Researched and written by Suzanne Wisse-Huiskes of MatchBox Consultancy, the Nigeria report was created to determine the crowdfunding potential for Nigeria where a handful of platforms have emerged to provide financing services. Nigeria is an oil rich, emerging market that is a “huge market with an incredible amount of potential if one gets the formula right” for crowdfunding.

Crowdfund Insider corresponded with Wisse-Huiskes and Rondal Kleverlaan, founder of the CrowdfundingHub, a well-known research and consulting group in the alternative finance space. We asked Ronald why they published the report on Nigeria?

“Nigeria is one of the fastest growing emerging markets in the world and their financial infrastructure is ahead of other emerging markets with innovative mobile banking apps. Crowdfunding is developing different in emerging markets then in the current high-growth crowdfunding markets in Europe and the US,” said Kleverlaan. “As CrowdfundingHub we wanted to get an overview how crowdfunding is developing in emerging markets and we were able to collaborate with local experts in Nigeria to collect and analyse the current activities and trends.”