Recently, numbers have been revealed for the Crowd funding market around the world. As 234Give has already suspected, the crowd funding market has grown exponentially online!
In the previous year, more than 16 billion dollars have come from crowd funding, and by 2015, these numbers are expected to reach 31 billion dollars. 3 billion dollars have come from social causes alone. The Red Cross and other well-known charities have begun harnessing the power of crowd funding.
Crowd funding has been quite successful for the Red Cross, especially following disasters, says Jennifer Elwood, the organization’s fundraising and consumer marketing vice president. According to Elwood, “The Red Cross has a focus of coming to the people at their location.” She says, “The interest in crowd funding is the personal stories that all people have to share. The Red Cross truly benefits when people show a great interest in providing aid for humanitarian causes.”
It won’t be long before Nigeria tries their hand at online fundraising, as countries around the world are becoming warm to the idea. Their efforts would surely cause these numbers to rise.
There is a big potential for crowd funding in Nigeria. In Africa, Nigeria has the best economic standing. The country also have more than 67 million people using the Internet, making it one of the countries with the quickest growth in access. The access method for most of our citizens is the mobile phone. Counting both the offline and online population, Nigeria is the biggest country in Africa. These numbers are likely to increase greatly in the next 10 years.
Social media penetration is a well-known factor in predicting crowd funding emerge rates. Nigeria is already ahead in this regard, as Facebook has a great amount of penetration among the population. Social change makers in Nigeria need empowerment, and we at 234Give are the country’s first platform for raising funds online. We make crowd funding possible for even the smallest causes, like funding grease trap cleaning for local restaurants. We encourage more funds to be raised than what can normally be raised on regular options by bringing donors, fundraisers, and charities into one platform. By bringing charities together, we hope to bring Nigeria’s crowd funding numbers to the next level.