Crowdfunding – What is crowdfunding and how does it work in Uganda

What is Crowdfunding
crowdfunding in uganda

Crowdfunding is the practice of funding a project or venture by raising many small amounts of money from a large number of people, typically via the Internet. Crowdfunding is a form of crowdsourcing and of alternative finance. ref: wikipidea

In Easypay, Crowdfunding also known as “Causes”, is the process of raising money locally for startup businesses, medical emergencies, funerals, wedding meetings etc from the public using the internet and local payment methods like mobile money. With Easypay Causes, you can create a campaign that you can easily share on social media and receive mobile money donations sent to your account in real time.

Crowdfunding is a young and quickly growing market but one that is transforming how people behave with their money. It’s also transforming the ways businesses raise capital.

With Easypay, we have noticed this virgin market and created a solution that fits perfectly with the target market (Ugandans) and local payment platform (mobile money). We believe this can help empower people and reduce on poverty in the region. In Easypay;

  1. Create a cause.
  2. Share the link to all your outlets like social media.
  3. Receive donations from the public or people you know.

Supported Categories

Easypay mobile wallet supports and promotes the following categories;

Donation-Based Crowdfunding

With this category, people can pledge money to a new creative project, a novel technology product in development, or a music artist producing a new album. This feature in Easypay terminology is grouped under “Causes“. Other use cases in Easypay Causes are;

  • Church Contributions
  • Medical Emergency
  • Funeral fundraising
  • Wedding meetings

Peer-to-Peer Lending

Peer to peer lending is the art of bringing lender and borrower together. Borrower can get money from someone willing to lend. lender makes a commission on each lend to borrower.  In Easypay terminology, we call this feature EasyBorrow and you can read more on it What is Peer to peer lending (P2P Lending) and how does it work?

Read More:

  1. BENEFITS OF CROWDFUNDING – Pros and Cons of crowdfunding
  2. Setup crowdfunding cause – Start receiving donations

To demonstrate this feature, this is how your campaigns will look and the process of donation https://goo.gl/7EasQa

 

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