There is likely to be ongoing caution and weak consumer sentiment heading into 2023 on the back of high unemployment and low household incomes, driving further demand for other personal lending in the first half of the forecast period to help people meet their financial obligations. Buy-Now-Pay-Later (BNPL) consumer credit start-ups are expected to see particularly strong demand to boost the growth of consumer gross lending due to the low or zero interest appeal of these loans.
Gross lending and outstanding balance in consumer credit will continue to benefit from the newly implemented loan-to-deposit ratio (LDR) policy of the central bank of Nigeria. However, the increase in the Monetary Policy Rate (MPR) - the rate at which the Central Bank of Nigeria lends to deposit money banks – is likely to lead to a decline in the number of loan applications.
The recovery of the economy and the increasing number of fintech digital payday loans will continue to boost the prospects of consumer gross lending over the forecast period. As consumers become increasingly reliant on technology in their everyday lives, they will also seek technological solutions to their finances and loans.
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Understand the latest market trends and future growth opportunities for the Consumer Credit industry in Nigeria with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
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Non-mortgage consumer debt extended to individuals for personal or household use including installment loans and credit cards. Examples of consumer credit include auto lending, card lending, durables lending, education lending, home lending and other personal loans. Consumer credit includes both revolving and non-revolving credit.See All of Our Definitions
This report originates from Passport, our Consumer Credit research and analysis database.
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