Thundafund, the South Africa-based fund-raising body, on Sunday raised over 500,000.00 dalasis, approximately US$10,000, for Gambian businesses barely six months since its launch.
This was disclosed in a press release issued by the organization’s office situated in Kanifing in Gambia.
“Thundafund launched in The Gambia at the end of 2020. Since then, over 350 Gambian businesses have gone live, each seeking to raise funds and raise awareness for their project or idea,” the organization said in the press release signed by its founder, Matt Roberts-Davies, who is on a working visit to the Gambia.
“So far, these Gambian businesses have raised over 500,000 dalasis from local and international contributions, with more funds being raised every day.”
Access to funding, the press communiqué adds, is considered the greatest challenge for African businesses.
“Thankfully, the rise of internet adoption, digital payments and social media have made it possible to modernise fundraising.”
The concept of “Crowdfunding” is explained as the raising of funds from a crowd of people online. It works similarly like “GoFundMe,” except instead of just donations, project creators can offer incentives for individuals to support their business.
“In order to create opportunity in the Gambia, we need to change what we say about it, we need to change how we feel about ourselves. In the world of business, entrepreneurs are having amazing ideas every day. Unfortunately, many of these ideas never take off due to the lack of funding, and their stories never get told.”
“If we can learn anything from the Gambia, its how powerful communities can be in funding local businesses, and this can be a norm for African businesses, which may not be viable for the traditional business funding options like loans,” the press release noted.
Thundafund has pioneered African Crowdfunding since 2013, with offices in South Africa, Kenya and The Gambia.
By: Momodou L Jaiteh
Founder/CEO of Kaba Communications