The global NGOs and charitable organizations market reached a value of nearly $256 billion in 2020. It will be $295 billion in 2023. The market is expected to reach $326 billion in 2025 at a CAGR of 5.2%, and 411 billion in 2030 at a CAGR of 4.8%.
An estimated 60% of the global population has little or no trust in charity organization. Instances of — corruption, scandals, gross inefficiencies and misuse of funds raised — have marred the reputations of many a non-profit organization. Recent scam of raising funds in the name of ‘homeless veteran’ using GOFUNDME platform puts the entire process of fund raising into shadow of questions.
Non-governmental organizations (NGOs), non-profit organizations (NPOs) and charities (religious and social) have failed in the aspects of trust and transparency. Donors are demanding more accountability and more transparency from the donation recipients, be it a charity organization or an individual beneficiary.
Scams and Rug Pulls happen everywhere money is involved. Most of the donations do not reach the intended beneficiaries. Misappropriations and Misuse are rampant among the nonprofits. Inordinate percentage of the funds donated are not spent for the causes described in the solicitations.
DONOR Finance will bring TRUST, TRANSPARENCY, ACCOUNTABILITY, END USE & IMPACT ASSESSMENT for the donations domain by bringing all related transactions seamlessly online using an innovative blockchain solution. DONOR is aiming to help usher in a new way of sustainable donating connecting the donors with the nonprofits of their choice and working on the causes close to their heart.