The African crowdfunding market is estimated at $126.9 million in 2015. There were 57 active crowdfunding platforms headquartered and operating in Africa in 2015. South Africa leads the way in African online alternative finance, and has 21 operational crowdfunding portals. Nigeria comes second with 9 crowdfunding platforms. In 2015, the African crowdfunding market was composed of 21 donations based-platforms, 19 equity platforms, 13 rewards-based portals, 2 peer-to-peer lending platforms, and 2 hybrid platforms. Donations and equity platforms are the fastest growing crowdfunding models. Africa-based crowdfunding platforms mainly specialise in promoting crowdfunding campaigns related to social causes (31.5% of the total platforms), business and entrepreneurship projects (21%), and then creative and innovative projects (17.5%).
Over 4,939 crowdfunding campaigns were launched by Africa-based platforms in 2015. Most projects were filled by peer-to-peer lending platforms, although they only account for 4% of the total platforms. Africa-based crowdfunding platforms achieved to fund on average 67% of the projects launched on their websites. The most successfully funded projects were for business and personal loans (95% success rate) and projects geared to support social causes (84% success rate).