The biggest challenge for the average Nigerian entrepreneur funding for their startups. The banks hardly give budding entrepreneurs loans and funding options are limited. Few entrepreneurs have actually heard of crowdfunding, and the opportunities it provides for the entrepreneur. And there are even fewer crowdfunding platforms out there.
Funda Solva (funder solver), a Nigerian startup is taking that step towards providing an alternative source of finance for entrepreneurs using the concept of crowdfunding. Of course, Funda Solva goes against the likes of PushandStart, already in that niche of the Nigerian market.
Funda Solva welcomes small contributions, as little as N160 (approximately $1), from hundreds – or thousands – of people combined to fund creative projects, business startups, technological innovations or personal endeavours. The site also makes provisions for small business loans.
Perhaps the most interesting thing about the startup is that PayPal is the sole payment gateway on the site. They claim that PayPal’s presence in Nigeria makes it easy for anyone with a Naira debit card, or anyone in the world for that matter, to make a contribution. Funda Solva seems to be betting heavily on PayPal adoption in Nigeria to help them gain traction.
We will know in time if that gamble will pay off, but it does seem like a step in the direction of uniqueness.