In 2020, Crowdfrica in partnership with Strategic Impact Advisors, Kumasi Hive, and iCode has been awarded by the United Nations Capital Development Fund (UNCDF) to pilot crowdfunding models in Ghana. The project is framed under the, “Boosting Green Employment and Enterprise Opportunities in Ghana – (GrEEn)”
is a four-year action aimed at creating greater economic and employment opportunities for youth, women, and returning migrants by promoting and supporting sustainable, green businesses in Ashanti and Western regions of Ghana. The project is implemented by UNCDF and SNV Netherlands Development Organization under the European Union Emergency Trust Fund (EUTF) for Africa.
Under this framework, our consortium and UNCDF seek to test innovative financial services to accelerate the process of asset accumulation and financial inclusion for the MSMEs and entrepreneurs. Crowdfunding and peer-to-peer lending platforms, in particular, offer alternative financing options for youth entrepreneurs and MSMEs access to seed capital now more than ever. With Ghana being the second-largest recipient of remittances in Sub-Saharan Africa and with many young entrepreneurs and MSMEs looking for start-up funds for their businesses, crowdfunding offers the possibility of pooling these funds in a formal structure and building a financial history which will help MSMEs and young entrepreneurs in their journey towards economic independence.
Crowdfrica will bring its experience and lessons learned to the health and education sector with the objective of creating a conducive ecosystem for GrEEn entrepreneurs and beyond.