In a country known for its vibrant entrepreneurial spirit but also its daunting funding challenges, a groundbreaking crowdfunding platform has emerged as a beacon of hope for small and medium-sized enterprises (SMEs) seeking capital to turn their innovative ideas into reality. MonieWorx, Nigeria’s premier securities crowdfunding platform, has not only defied conventional funding norms but is redefining the landscape of investment opportunities in the country.

In a recent funding round that lasted a mere seven days, MonieWorx achieved an astounding feat: raising a remarkable ₦260 million (equivalent to $336,487) to support the growth of seven distinct SMEs. This achievement has sent ripples of excitement throughout Nigeria and beyond, underscoring the platform’s pivotal role in bridging the venture capital gaps that have historically stymied the potential of countless local businesses.

Established just a year ago, MonieWorx has swiftly risen to prominence as Nigeria’s largest membership-based securities crowdfunding platform. Operating under the careful guidance of Obelix 4.1.1 Alternative Finance Ltd, a licensed operator of regulated markets for crowd securities, MonieWorx has proven that harnessing the power of community-driven investments can lead to exponential growth for businesses and investors alike.

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The success story began with MonieWorx’s inaugural campaign, aptly named “100-in-10,” where the platform managed to raise ₦100 million for three SMEs within ten days. This initial triumph paved the way for the recent encore campaign, during which a staggering ₦260 million was secured to empower seven diverse businesses. The campaign’s outcome was nothing short of spectacular, with three SMEs achieving full subscription within six days, and the remaining four reaching their funding targets the following day.

A key feature of this crowdfunding revolution is the introduction of GCN Crowd Notes, a fixed-income investment product that addresses the concerns of the community following past financial setbacks. Designed with principal protection in mind, GCN Crowd Notes provide reassurance to investors while also boosting their confidence in the viability of this alternative investment avenue.

MonieWorx’s commitment to its investors goes beyond financial gains. With a promise of “Payday Friday,” the platform ensures that investors are rewarded promptly for their participation. This approach not only builds trust but also reflects MonieWorx’s dedication to keeping its community’s financial goals in sight.

A noteworthy aspect of MonieWorx’s triumph is its ability to attract interest from Nigerians in the diaspora, demonstrating the platform’s global appeal. By engaging this audience through interactive sessions on platforms like Instagram Live and X Spaces, MonieWorx has effectively cemented transparency and trust as cornerstones of its operations.

Adesola Adeyinka, the COO of MonieWorx, emphasized the meticulous selection process for SMEs, which involves comprehensive vetting and reference checks to ensure alignment with the platform’s values. This scrutiny safeguards investor funds and preserves MonieWorx’s impeccable zero-default record.

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The accolades from both fundraisers and investors continue to pour in. Adetokunbo Balogun, CEO of Cobham Manufacturing, praised MonieWorx’s efficiency and convenience in comparison to traditional banks, while international investors lauded its potential for beating inflation and delivering substantial returns.

Oye Oladejo, a doctoral student covering MonieWorx’s evolution, observed that the platform’s customer propositions stand favorably against global standards. The success of MonieWorx’s interactive sessions further underlines its commitment to engaging and educating its community.

MonieWorx’s encore campaign serves as a testament to the power of collective investing. By democratizing investment opportunities, MonieWorx has facilitated the involvement of both seasoned investors and newcomers, effectively promoting financial inclusivity and combating idle funds.

In a country where access to capital can make or break businesses, MonieWorx’s resounding success echoes a resolute message: collective participation can transform Nigeria’s entrepreneurial landscape. As MonieWorx remains steadfast in its mission to empower SMEs and foster financial growth, it continues to redefine the boundaries of crowdfunding, leaving an indelible mark on the nation’s economic future.

Disclaimer: The views and statements expressed in this article are based on information available as of the date of publication and may be subject to change.

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Charles Rapulu Udoh

Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert. 
As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard