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Crowdfunding in Africa: Opportunities and Challenges

In: Advances in Crowdfunding

Author

Listed:
  • Emmanuel James Chao

    (Mzumbe University)

  • Priscilla Serwaah

    (University of Agder)

  • Prince Baah-Peprah

    (University of Agder)

  • Rotem Shneor

    (University of Agder)

Abstract

The chapter presents the current state of crowdfunding research and practice in Africa while outlining opportunities and challenges associated with them. Conditions of growing popularity of digital and mobile finance, low penetration of traditional financial institutions, and a long cultural heritage of communal mutual support may enhance crowdfunding uptake. On the other hand, conditions of unclear regulation, relatively low levels of internet access, and societies characterized by low social trust may all hinder crowdfunding uptake. Accordingly, African crowdfunding is at its infancy and involves transitory hybrid practices of early adoption, often involving reliance on foreign contributors via donations and pro-social lending platforms. To ensure future development, stakeholders should engage in relevant policy development, technological adaptations, raising public awareness, reducing user entry barriers, and creating incentives for trial.

Suggested Citation

  • Emmanuel James Chao & Priscilla Serwaah & Prince Baah-Peprah & Rotem Shneor, 2020. "Crowdfunding in Africa: Opportunities and Challenges," Springer Books, in: Rotem Shneor & Liang Zhao & Bjørn-Tore Flåten (ed.), Advances in Crowdfunding, edition 1, chapter 14, pages 319-339, Springer.
    • Handle: RePEc:spr:sprchp:978-3-030-46309-0_14
    DOI: 10.1007/978-3-030-46309-0_14
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