African Crowdfunding Association launched to lobby for legislation

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South African crowdfunding startup Thundafund and international real estate crowdfunding platform Wealth Migrate have partnered to launch the African Crowdfunding Association (ACfA), which will lobby for legislation and increase public awareness on the subject.

The new association – which has been led by Thundafund and Wealth Migrate but includes numerous other companies and organisations – has been established as the industry body for crowdfunding professionals and companies in Africa.

ACfA’s goal is to lobby for crowdfunding legislation creation and reforms, increase public awareness, and to create a more cohesive industry structure in Africa that protects investors and democratises access to capital.

The organisation said crowdfunding has levelled the economic playing field, giving access to capital needed for wealth creation to women and minorities typically underserved by traditional capital markets.

“There is a huge wealth gap in the emerging world, and crowdfunding is a solution to close this gap,” said Scott Picken, chief executive officer (CEO) of Wealth Migrate.

“Crowdfunding can provide equal opportunity and equal access to capital that is essential for wealth creation within underserved populations. The ACfA will educate not only the public, but also the policymakers about the benefits of crowdfunding for Africa.”

Wealth Migrate and Thundafund are urging policymakers and others passionate about increasing access to capital to join the new association.

“We see crowdfunding as the democratisation of financing for entrepreneurs,” said Patrick Schofield, CEO and co-founder of Thundafund.

“Thus far we have been thrilled to see the outpouring of African and global support for African entrepreneurs that have had the courage to launch new ideas into the world. There are so many inspiring entrepreneurs in Africa who could do so much to change the world with access to capital. Crowdfunding is the next-gen solution to Africa’s development agenda.”

Other organisations and individuals that have given their support include M-Changa, Jumpstarter, Realty Africa, and the Uganda Crowdfunding Network.

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Passionate about the vibrant tech startups scene in Africa, Tom can usually be found sniffing out the continent's most exciting new companies and entrepreneurs, funding rounds and any other developments within the growing ecosystem.

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