The alternative lending market in Nigeria is expected to grow by 45.2% on an annual basis to reach $212.9 million in 2023.
This was according to Research and Markets (RM) Nigeria Alternative Lending Business Report 2023 seen by Nairametrics.
According to the report medium to long-term growth story of alternative lending in Nigeria remains strong.
Alternative lending adoption is expected to grow steadily over the forecast period, recording a CAGR of 27.4% during 2023-2027.
Details of the report
The alternative lending market in the country will increase from $146.6 million in 2022 to reach $560.4 million by 2027.
- ”The report embarked on a detailed exploration of the alternative lending market with our latest report, dissecting key economic indicators to provide a holistic view of this dynamic landscape.
- Delve into the alternative lending market’s expansive horizons, from overall market size and forecasts to granular analyses of end-user segments, diverse finance models, and payment instrument intricacies.
- This report helps in navigating the nuanced relationships between payment instruments and lending models, offering a detailed breakdown of transaction dynamics. Uncover the multifaceted nature of loans, from personalized B2C offerings like payroll advances to strategic B2B solutions like lines of credit. Complementing these insights, delve into consumer attitudes and behaviours, decoding the impact of age, income, and gender on financial choices.
- This report provides a thorough knowledge of alternative lending market dynamics, market size, and forecast with more than 75+ KPIs. KPIs in both value and volume terms help in getting an in-depth understanding of end market dynamics,” the report said.
The report noted that the global alternative lending market is expected to grow by 17.0% on an annual basis to reach $662.3 billion in 2023.
According to the report medium to long-term growth story of global alternative lending remains strong.
Alternative lending adoption is expected to grow steadily over the forecast period, recording a CAGR of 10.1% during 2023-2027.
The global alternative lending market will increase from $566.0 million in 2022 to reach $971.6 million by 2027.
The report noted that Africa-based alternative lending providers are raising funding rounds to launch new products and accelerate growth.
In Africa, small and medium-sized enterprises find it difficult to access credit through traditional channels.
As a result, alternative lending providers are in high demand among SMEs when it comes to access to credit. To serve the growing demand, firms are raising venture capital and private equity funding in Africa.
