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The African Crowdfunding Association (ACfA), an industry association for crowdfunding on the continent, says it is satisfied that SA equity crowdfunding platform Uprise.Africa remains compliant with the association’s code of good conduct.
It comes after the industry body last week revealed that it was conducting a review of Uprise.Africa after an exposé by Ventureburn on the platform, its head Tabassum Qadir and a R25-million fake pledge made to SA startup Intergreatme (see this story and this one).
Announced the association in a statement: “Uprise.Africa is a member of ACfA. ACfA conducted a review of Uprise Africa’s compliance with our code of good conduct on 13 May, following an article by Ventureburn on 8 May regarding the equity crowdfunding campaign of Intergreatme.
The African Crowdfunding Association says Uprise.Africa remains compliant with the association’s code of good conduct
“The process included members of the board, executive management and compliance teams of Uprise.Africa. The review resulted in recommendations for Uprise.Africa in the areas of risk management and communication.
The association said it would extend some of these recommendations to its members as well. It said in all other respects it is satisfied that Uprise.Africa remains compliant with the association’s code of good conduct.
However, the association noted that its scope is limited to initiating and undertaking actions in respect of members’ compliance with the code of good conduct.
“In South Africa, the Financial Services Conduct Authority (FSCA), authorised Uprise.Africa as a financial services provider under the FAIS (Financial Advisory and Intermediary Services) Act in order to be able to conduct equity crowdfunding.
“ACfA members’ compliance with the requirements under the FAIS Act take precedence over any compliance requirements under ACfA’s charter of good conduct,” it said.
Read more: Uprise.Africa remains compliant with the ACfA’s code [Right of Reply]
Read more: Uprise.Africa to refund all investors in R4.2m Sun Exchange crowdfunding campaign
Read more: African Crowdfunding Association probing controversial Uprise.Africa
Read more: Questions for Uprise.Africa over alleged fake R25m Intergreatme crowdfunding pledge
Featured image: ACfA via Facebook