BNPL in Nigeria is expected to reach $2 billion in 2023

By Abimbola Mohammed

The Buy Now Pay Later (BNPL) in Nigeria is expected to grow by 20.9% on an annual basis to reach US$2.8 billion in 2023.

According to Research & Market, a global research institute, the BNPL payment sector in Nigeria has witnessed substantial growth over the past four quarters, propelled by the expanding reach of ecommerce.

The report by the institute says the sector is expected to keep growing steadily over the forecast period recording a CAGR of 12.7% from 2023-2028. The BNPL Gross Merchandise Value in Nigeria will increase from US$2.3 billion in 2022 to reach US$5.1 billion by 2028.

This report presents a comprehensive data-centric analysis of the BNPL industry, encompassing an exploration of market opportunities and potential risks spanning various retail categories. It also dissects these opportunities by categorizing them based on business model types, sales channels (both offline and online), and distribution models. With a repository of over 75 key performance indicators (KPIs) tailored to the Nigerian context, this report furnishes an extensive comprehension of the dynamics within the BNPL market.

Reasons to buy

Get a comprehensive understanding of market dynamics for BNPL: Identify market opportunities, major trends, and forecasting (2019-2028). Understand market trends through crucial KPIs like Gross Merchandise Value, Volume, and Average Value per Transaction, to stay ahead of the curve.

Insights by end-use sectors: Evaluate new opportunities across multiple end-use sectors, and obtain market dynamics by end-use sectors in order to swiftly catch up with the latest and upcoming developments in BNPL markets.

Market-specific strategies: Identify growth segments focused on specific opportunities, and analysing market-specific risks and important trends in the BNPL sector with our exclusive blend of quantitative forecasting and innovative insights.

Gain knowledge of consumer attitudes and actions: This report identifies and interprets important Buy Now Pay Later KPIs, such as spend by age, gender, and income level, using data from a proprietary survey.

Develop proactive and lucrative business strategies through market intelligence and forward-looking analysis of BNPL market spend and major opportunities in Nigeria.

Scope of the research includes Key players, size, revenue, KPIs & Statistics, etc.

Key players are Carbon, Cdcare and PayQart.


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