Reward-Based Crowdfunding - Senegal

Senegal is a country where the total transaction value in the Reward-Based Crowdfunding market is projected to reach US$16.29k in 2024.
When looking at a global perspective, it is evident that the highest transaction value is achieved the United States (US$465m in 2024).
Senegal's Crowdfunding scene is gaining traction as local startups turn to innovative ways to raise capital in the Capital Raising market.

Definition:

Reward-Based Crowdfunding is a financing form independent from financial institutions, location of the campaign creator or investor. Reward-Based Crowdfunding campaigns can be initiated for a wide range of different purposes such as product launches, art-, music- and film-financing, software development, scientifc research etc. Usually there is a financing goal defined by funding volume and time to reach this goal for every campaign. The campaign creator publishes engaging content (e.g. photos, videos, text) that explain the goal and motivation of the fundraising. Almost everyone can participate in reward-based crowdfunding campaigns as an investor. The only prerequisite is a valid payment account.

Additional Information:

Key players in the reward-based crowdfunding campaigns are Kickstarter and Indiegogo.

Reward-based Crowdfunding
Pre-financing of products, art, music and films, software or scientific research
e.g. Kickstarter, Indiegogo

Traditional venture capital investments
Equity-based Crowdfunding (see Crowdinvesting)
Lending-based Crowdfunding (see Crowdlending)

The Crowdfunding market in Senegal has been experiencing significant growth in recent years, driven by customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. Customer preferences in Senegal have played a key role in the development of the Crowdfunding market.

With limited access to traditional banking services, many individuals and small businesses in Senegal have turned to crowdfunding as a way to raise funds for various projects. Crowdfunding platforms provide a convenient and accessible way for people to contribute to causes they believe in and support local entrepreneurs. Additionally, crowdfunding allows individuals to invest in projects that align with their values and interests, giving them a sense of ownership and connection to the initiatives they support.

Trends in the market have also contributed to the growth of crowdfunding in Senegal. The rise of social media and online platforms has made it easier for crowdfunding campaigns to reach a wider audience. Entrepreneurs and individuals can now leverage their social networks and online presence to promote their campaigns and attract supporters.

This has led to an increase in the number of successful crowdfunding campaigns in Senegal, as more people are able to discover and contribute to projects that resonate with them. Local special circumstances have further fueled the development of the Crowdfunding market in Senegal. The country has a vibrant entrepreneurial ecosystem, with many individuals and small businesses looking for alternative funding options.

Crowdfunding provides an avenue for these entrepreneurs to access capital and turn their ideas into reality. Additionally, the strong sense of community in Senegal has contributed to the success of crowdfunding campaigns. People in Senegal are often willing to support local initiatives and contribute to projects that have a positive impact on their communities.

Underlying macroeconomic factors have also played a role in the growth of crowdfunding in Senegal. The country has experienced steady economic growth in recent years, which has led to an increase in disposable income and a growing middle class. This has created a larger pool of potential contributors to crowdfunding campaigns.

Furthermore, the government of Senegal has recognized the importance of supporting entrepreneurship and innovation, and has implemented policies and initiatives to foster a conducive environment for crowdfunding and other forms of alternative finance. In conclusion, the Crowdfunding market in Senegal has been developing rapidly due to customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. As more individuals and small businesses in Senegal embrace crowdfunding as a way to raise funds and access capital, the market is expected to continue growing and evolving in the coming years.

Data coverage:

The data encompasses B2C enterprises. Figures are based on transaction values / revenues / assets under management and user data of relevant services and products offered within the FinTech market.

Modeling approach / Market size:

Market sizes are determined through a combined top-down and bottom-up approach, building on a specific rationale for each market segment. As a basis for evaluating markets, we use annual financial reports of key players, industry reports, third-party reports, publicly available databases, and survey results from primary research (e.g., the Statista Global Consumer Survey). In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, consumer spending, population, internet penetration, smartphone penetration, credit card penetration, and online banking penetration. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the S-curve function and exponential trend smoothing are well suited for forecasting digital products and services due to the non-linear growth of technology adoption.

Additional notes:

The market is updated twice a year in case market dynamics change. The impact of the COVID-19 pandemic and the Russia-Ukraine war is considered at a country-specific level.

This report presents a comprehensive analysis and additional information on the Financial market, in a PDF format.

Crowdfunding is the collective effort of a large number of individuals who network and pool small amounts of capital to finance a new or existing business venture. Each campaign is set for a goal amount of money and a fixed timeframe, each day is counted down and the money raised will be tallied up for visitors to follow its success. The size of the global crowdfunding market is growing and the largest markets are North America and Asia.