Uprise.Africa, an equity crowdfunding platform, is under review from the African Crowdfunding Association (ACfA). The developments were communicated by Elizabeth Howard, who happens to be CEO and Board chairman.
AfCA is a non-profit association funded by FSD Africa and acts as a voice for African crowdfunding platforms and their intermediaries. The new developments arise from an exclusive expose by Ventureburn where Intergreatme, an SA startup, did not receive an R25-million pledge. Uprise.Africa is headed by Qadir Tabassum.
In communications to Ventureburn via email, Howard shed some light on the unregulated crowdfunding climate in Africa. This association intends to drive the right regulatory framework across the continent. Where there are no regulations, associations are tasked with the responsibility of protecting the industry.
Howard expressed her intention to achieve proper implementation of the right regulations for the African continent. Where there is no legislation, the association protects its members through voluntary member compliance. She pointed out how the regulatory body will review Uprise.Africa’s conduct. Afterward, they will issue a statement about that review.
Uprise.Africa is regulated by the Financial Sector Conduct Authority (FSCA) operating under the Financial Advisory and Intermediary Services Act (FAIS). ACfA educates its members on the true picture of every situation through a unique form of “journalistic coverage” of crowdfunding campaigns. Howard pointed out how it is “critical” that the industry evolves in a “regulated” way to serve broader investor and entrepreneur appetites.