Uganda’s First Crowdfunding Website is Finally here!
Are you in need to raise money? Is it for medical bills, tuition, shelter, food, charity, dream wedding, business idea, anything? Crowdfunding is now the way to go!
According to Douglas K. Bagal’alina the business development manager at Kampala Webhost and the brain behind www.friendsfund.org, crowdfunding refers to the practice of funding a project or campaign by raising many small amounts of money from a large number of people through the internet.
He explains that individuals, companies or organisations with a need to raise money just have to register at no cost on www.friendsfund.org and publish their projects.
As the project owner you can choose a currency in which you want your project to be sponsored, among options available is our very own Ugandan shillings. For this a new payment method has been developed where donors shall just enter their mobile money number on a secure webpage to pay, an SMS will be sent for the donor’s phone to approve the mobile money transaction upon which if successful the website automatically detects the payment and the transaction is completed.
A project owner may also have his campaign in any other foreign currency supported by PayPal if he intends to attract international funding. Here the project owner must have a PayPal account and is able to receive such funds.
He adds that in order for a project to be funded successfully, the owner must engage as many people as possible starting with friends in his or her social circles. Social media like Facebook and twitter is the deal breaker!
The website for purpose of transparency displays the progress of the campaign and the donors funding it. Once the targeted amount is reached or duration expires the funds collected are sent to the project owners mobile money account, a local bank account or PayPal account. The agency charges a percentage as a management fee from the donations collected.
So what are you waiting for?
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