During the press conference held on Tuesday, June 25 in Rabat, following the second quarterly meeting of the Board of Bank Al-Maghrib (BAM), the Wali of Bank Al-Maghrib, Abdellatif Jouahri, revealed the granting of the first three approvals to collaborative financing companies (SFC), including one for the “donation” category.
A major milestone in the development of crowdfunding in Morocco, following the publication in September 2023 of the circulars from BAM and the Moroccan Capital Market Authority (AMMC) relating to the conditions for obtaining approvals for donation, loan and investment activities.
In this interview with Le360Sarah Jaidi, co-founder of the crowdfunding platform “Kiwi Collecte”, which has obtained approval in the “donation” category, presents her business model and reveals the first projects that will be financed in Morocco.
Le360. When did you receive your crowdfunding approval?
Sarah Zaidi: We received it at the beginning of March 2024. It was expected, because we had been following the progress of our file with Bank Al-Maghrib for several months. We are happy to have obtained it. It is the culmination of two years of work and coordination with the Central Bank and other institutions such as the Ministry of Finance.
The Kiwi Collecte platform specializes in the “donation” category. Concretely, what are your activities?
We focus on fundraising for projects in areas such as culture, sport, and entrepreneurship, particularly for startups that struggle to obtain funding from banks and other traditional financing structures.
Precisely, what is your business model for these different services?
Like many platforms specializing in crowdfunding, Kiwi Collecte charges a commission on the amount collected at the end of a crowdfunding campaign. We are also working in this direction, to offer low amounts, in order to encourage project leaders to mobilize their communities more to finance their projects.
Read also: Crowdfunding: the first approvals will soon be issued, according to the wali of Bank Al-Maghrib
For the moment, Kiwi Collecte finances its activities with equity. Investors have contacted us to enter our capital, but for the time being, we first want to launch and consolidate our activity before raising funds at the end of 2024.
When do you plan to launch your activities in Morocco?
Until now, the platform team, composed of myself, co-founder Othmane Lamrini and colleagues who manage the technical part, was based in France. We plan to move this summer and deploy all the activity in Morocco from next September. Other collaborators will be recruited to ensure the verification of the quality of the projects that will be submitted on the platform, a process that constitutes the heart of the crowdfunding business.
“As soon as we start our activities next September, we will launch two campaigns to finance a cultural project and another intended to finance the studies of Moroccan high school graduates.”
— Sarah Jaidi, co-founder of the crowdfunding platform Kiwi Collecte.
We have taken steps to establish partnerships with online payment providers and with a Moroccan bank that will host the funds collected on our platform, as stipulated by Bank Al-Maghrib regulations. Discussions will be finalized before the start of the school year.
What will be the first projects to be financed in Morocco?
The start of our activities in Morocco will be marked by the launch of crowdfunding campaigns to finance two projects: the first in culture and the second intended to finance the studies of Moroccan high school graduates. Other initiatives will be launched gradually, including a major campaign dedicated to solidarity and disability.
Who inspired you to get involved in crowdfunding?
Othmane Lamrini and I have been living in France for almost 20 years. We have essential skills for crowdfunding. He specializes in finance and fundraising, which are the core of the crowdfunding business. For my part, I specialize in consulting for digital structures.
Read also: Funding: AMMC launches a new portal dedicated to crowdfunding
We decided to bring these skills together in Morocco, following the publication, in March 2021, of law 15-03 on crowdfunding.
The online campaign that you launched in September 2023 for the victims of the earthquake in Morocco made it possible to collect more than 800,000 euros. Do you think it gave visibility to Kiwi Collecte?
Absolutely. Above all, it helped to better understand the impact of crowdfunding in Morocco, an activity that allows campaigns to be launched in a matter of seconds that become viral thanks to social networks. The enthusiasm surrounding this campaign showed that in the event of an emergency or tragedy, Moroccans and the African diaspora not only want to help, but need to help. And the success of this operation is proof of that.
“To promote the growth of crowdfunding in Morocco, it is imperative to set up an integrated ecosystem between platforms, banks and online payment providers.”
— Sarah Jaidi, co-founder of the crowdfunding platform Kiwi Collecte.
In your opinion, will the granting of the first three approvals be able to promote the growth of crowdfunding in Morocco?
It is encouraging to see that there are more and more players getting involved in crowdfunding in Morocco, whether through donations, loans or investments. However, in my opinion, the development of crowdfunding in Morocco is not measured by the number of approvals granted.
To foster the growth of this activity, it is imperative to set up an integrated ecosystem between platforms, banks and online payment providers. High payment or banking fees and a reluctance of the banking sector towards crowdfunding risk hampering its growth.
