Crowdfunding: An Alternative to Funding Women Entrepreneurs

Main Article Content

Chinwe Okoyeuzu
Ifeoma Nwakoby
Obinna Onwujekwe


Traditionally, Small businesses in Nigeria find it particularly difficult to fund their operations from formal sources. The situation becomes more challenging when women are involved because of cultural bias. Credit is rarely made available to women as many perceive a business run by women a big risk. Several government credit intervention programmes in the past were initiated but the problem of financing remained unsolved. Similar businesses in more developed economies are turning to innovative financing known as crowdfunding. The need to explore such a financing mechanism in Nigeria is the aim of this study. We employed a cross-sectional and retrospective mixed-methods approach, utilizing both quantitative and qualitative data. Findings from this study show that gender was not significant for understanding crowdfunding as a means of raising money from the public over the internet. This finding is very revealing as it shows that cultural barrier faced by women in accessing credit from traditional lenders will be solved by crowdfunding.

Women, entrepreneurs, crowdfunding, small business, start-ups, financing, Nigeria.

Article Details

How to Cite
Okoyeuzu, C., Nwakoby, I., & Onwujekwe, O. (2019). Crowdfunding: An Alternative to Funding Women Entrepreneurs. South Asian Journal of Social Studies and Economics, 5(2), 1-10.
Original Research Article


Mayony L. Gender and small enterprises. Getting the Policy environment right; 2001.

IFC. Strengthening access to finance for women-owned small and medium-sized enterprises (SMEs) in developing countries. Washington, DC, G-20 Global Partnership for Financial Inclusion; 2011.

Entrepreneurship policy digest. Women entrepreneurs are keys to accelerated growth. An Educational Policy Brief from the Ewing Marion Kaufman Foundation; 2015.

Suman Kharel. Rural women’s access to community finance. Nepalese Journal of Development and Rural Studies. 2017;14 (1&2).

Agusto & Co. A review of the Nigerian MSME policy environment. FATE Foundation MSME Report; 2015.

We Are Social Pte Ltd. Digital; 2016.
(Accessed on: 22/4/18)

Gbandi EC, Amissah G. Financing options for small and medium enterprises in Nigeria. European Scientific Journal. 2014; 10:1.

Ariyo D. Small firms are the backbone of the Nigerian economy; 2005.
(Accessed on: 20/4/18)

Mambula C. Perceptions of SME growth constraints in Nigeria. Journal of Small Business Management. 2002;40(1): 58-65.

Yao Wang. What are the biggest obstacles to growth of SMEs in developing countries? – An empirical evidence from an enterprise survey. Borsa Istanbul Review. 2016;16(3):167-176.

ILO. Working Paper on series on Women’s Entrepreneurship Development and Enterprises, (WEDGE) No 15, 2001. International labour Organization; 2018.

Barungi B, Ogunleye E, Zamba C. ‘African economic outlook - Nigeria 2015’ A joint publication of the AfDB, OECD & UNDP; 2015.

Burrasca R, Grossberg S, Misak A, Wiener J. An introduction to financing for cooperatives, social enterprises, and small businesses [Brochure]. The Community Wealth Building Network of Metro Denver; 2015.

Sigar K. Fret no more: Inapplicability of crowdfunding concerns in the internet age and the JOBS Act’s safeguards. Administrative Law Review. 2012;2(64): 474-505.

Kirby E, Worner S. Crowd-funding: An infant industry growing fast. Staff Working Paper SWP3/2014.The IOSCO Research Department; 2014.

Gulati S. Crowdfunding: A Kick starter for startups [Special Report]. TD Economics; 2014.

Hemer J. A snapshot on crowdfunding. ISI Working Papers Firms and Region No.R2/2011; 2011.

Lynn DM, Sabbagh H. The JOBS Act opens door for crowdfunding offerings. Morrison & Forrester Social Media Newsletter. 2012;2(3):6-8.

The Nielsen Company. The Social Media Report; 2012.
Available: the-media-the-social-media-report-2012.html
(Accessed on: 22/4/18)

Trendstream Ltd. GWI Social Summary. GlobalWebIndex Quarterly Report Q1 2015; 2015.