Although COVID-19 is receding, the economic impact of the pandemic continues to impact consumer lending in Nigeria in 2022. Many people suffered unemployment and diminished disposable incomes during the last couple of years, forcing financially restricted Nigerians to apply for consumer credit.
The economic downturn has affected a lot of households and forced Nigerian consumers to seek loans from online lenders to meet urgent financial needs. This trend is growing very fast and contributing to the growth of consumer lending in 2022.
The stringent conditions of mortgages are negatively affecting the growth of mortgages/housing in Nigeria as most consumers cannot meet the conditions to obtain such a loan. Aside, from the high-interest rate for those not applying through the Federal Mortgage Bank, most banks request collateral.
The harsh economic situation in the country and the increasing rate of inflation has depleted the disposable income of many consumers in Nigeria. This has led to the growing awareness and use of e-commerce Buy Now Pay Later (BNPL) platforms.
Over the forecast period, consumer lending is expected to be largely driven by digital lending with quick access to credit from banks and fintech companies. The increasing number of fintech companies providing quick loans is forcing more traditional banks to digitalise and simplify their offering to permit consumers to access fast loans.
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Understand the latest market trends and future growth opportunities for the Consumer Lending industry in Nigeria with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
Key trends are clearly and succinctly summarised alongside the most current research data available. Understand and assess competitive threats and plan corporate strategy with our qualitative analysis, insight and confident growth projections.
If you're in the Consumer Lending industry in Nigeria, our research will help you to make informed, intelligent decisions; to recognise and profit from opportunity, or to offer resilience amidst market uncertainty.
Aggregate of Consumer Credit and Mortgages/Housing. Gross Lending: The total value of loans advanced by institutions in a given year; data refers to single year only. Outstanding Balance: The collective amount owed by borrowers at the end of a given year; data refers to the cumulative impact of debt.See All of Our Definitions
This report originates from Passport, our Consumer Lending research and analysis database.
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