Crowdfunding is a new layer of fundraising for small and medium-scale enterprises (SMEs) and other innovative ideas that offer an incentive to lift the power of the Internet from the crowd. As a new method of fundraising, the main knowledge of the idea is missing on the part of the entrepreneur, the financial professional, the academician and the general public. This calls for a deeper understanding of concepts, models, pros, cons; it is against this backdrop that the study looked at crowdfunding as alternative sources of financing for small and medium-scale enterprises The study used an exploratory research approach with a focus on literature in the fields of Business Management, Accounting, and Finance, Internet academic journals, blogs, government publications and records, a variety of research reports and by individual researchers The conclusion is that crowdfunding for small and medium-scale enterprises (SMEs) activities is a possibility in Nigeria and should be seen by people as an idea and a shift from negative thinking; of course, regulatory and other stakeholders have complementary roles to play.