Technology

Ativo to disrupt fundraising in Nigeria with largest crowdfunding platform

by FRANK ELEANYA

July 12, 2018 | 8:30 am
  |     |     |   Start Conversation

Ativo, a subsidiary of Electronic Payment Plus (Epayplus) Limited, is set to unveil the largest crowdfunding platform in Nigeria on Friday, 13 July, 2018. The platform known as Quickraiz will connect Nigerians in need of funding for genuine causes to benevolent individuals ready to help them.

At a press demo on Tuesday, 10 July, the company described Quickraiz as a digital solution to the traditional Esusu system.

Esusu or contribution club is a local rotating savings and credit association that is widely practiced in West Africa. Although it encourages putting aside money today to benefit from a lump sum payment in the future, the processes are often very complicated as its success depends on the trust of the individuals. It is also limited to an individual’s immediate sphere of contact.

Quickraiz plans to be the platform where Nigerians with real money needs like raising fund for ideas or projects, wedding, child dedication, birthday party, medical treatment, education to mention a few, can commence a campaign that could be funded by people beyond their sphere of contact.

Bayo Adeokun, managing director and CEO of Ativo, told BusinessDay that the communal culture in Africa and Nigeria in particular cut across tribes and religious lines but remains cumbersome and limited.

“We are set to transform this culture into a digital environment where benevolence reach are extensive and all encompassing,” he said.

Individuals, groups and non-governmental organisations can start a funding campaign on Quickraiz. Adeokun explained that the platform is not open for businesses that need funding at the moment. This is because the regulators in Nigeria have banned crowdfunding for business purposes until regulations are designed around it. He assured that once there is regulation and the go-ahead is giving, Ativo will work together with other stakeholders to provide the service on Quickraize.

Registration on Quickraiz requires some level of documentation to enable the company conduct due diligence on people who will be recipient of donations. Once registered, the individual will need to activate a campaign. The campaign is shared on social platform by the originator as well as on platforms already created by Ativo. Adeokun said the platforms have the potential of reaching at least 5 million potential benevolent individuals.

An important part of these platforms is a register of philanthropists compiled by Ativo. These are consistent donors on Quickraiz who gets the benefit of a loyalty card that could be used at any partner merchant.

Remi Jibodu, head of sales and marketing said that the coming of Quickraiz was long overdue given the geometrical increase in mobile and internet penetration in Nigeria which stands at 81 percent and 54 percent respectively.

“The causes that are considered globally as regulars on crowdfunding platforms are eminent in Nigeria and this proffers an opportunity to rekindle hope, better lifestyle and convenience,” he said.

The company has begun partnership talks with the Lagos State government on the possibility of funding disaster victims and provide relief for citizens within the state. Adeokun disclosed that other states will soon be part of the Quickraiz platform.

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by FRANK ELEANYA

July 12, 2018 | 8:30 am
  |     |     |   Start Conversation

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