New crowdfunding platform launched in Uganda

The founders of Ugandan crowdfunding platform Akabbo hope to bring a new dimension to project funding in the country, much as Indiegogo and Kickstarter have transformed the sector elsewhere.

The objective for the platform is to help individuals and entrepreneurs to raise money for specific causes, activities, ideas and/or events.

To use the platform, individuals must write a brief campaign description, add a photo or video, add target amount and deadline date.

“You are then advised to tell as many friends about the campaign by tweeting, Facebooking and emailing them. On the deadline date or once the campaign succeeds, the funds are electronically forwarded to organizer on a pre-approved account,” the founders said.

Support for listed causes need not come from Ugandans themselves. The platform allows individuals from across the world to donate by accepting globally recognised payment methods, charging 7 per cent of the total amount collected on successful campaign. Akabbo also charges 7 per cent of whatever is collected on a campaign that does not refund contributions if it doesn’t hit its target.

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