Banking - Niger

Niger

In Niger, the Net Interest Income in the Banking market is projected to reach US$250.20m in 2024.
Traditional Banks dominate the market with a projected market volume of US$243.30m in 2024.
The Net Interest Income is expected to show an annual growth rate (CAGR 2024-2029) of 7.23%, resulting in a market volume of US$354.70m by 2029.
In global comparison, China is expected to generate the highest Net Interest Income, reaching US$4,332.0bn in 2024.
Niger's banking market is experiencing a surge in digital banking services, as more customers embrace mobile and online banking platforms.

Key regions: United States, China, Japan, Brazil, United Kingdom

Definition:

The Banking market refers to the financial services sector providing financial products and services to individuals and businesses. Retail banking focuses on offering financial services to individual consumers, such as personal loans, savings and checking accounts, credit cards, and mortgages. Commercial banking, on the other hand, provides financial services to small and large businesses, including loans, lines of credit, and other financial products designed specifically for businesses.

Structure:

The market consists of two segments:
- The Traditional Banking market refers to the financial services sector that provides a range of financial products and services to individuals and businesses through store-based branches and other traditional channels.
- The Digital Banking market refers to the emerging market for digital-only banks that offer financial services through online and mobile platforms.

The market data comprises Net Interest Income, Bank Account Penetration rate, the value of Deposits, the number of depositors, the value of Loans, the number of borrowers, Credit Card Interest Income, the number of ATMs as well as the number of Bank Branches.

Additional information:

The Banking market is highly competitive and characterized by the presence of large global players as well as regional and local banks. Banks are continually seeking ways to improve their offerings and remain competitive by leveraging technology and offering innovative financial products and services. Additionally, changes in regulations and the growing trend toward digitalization are shaping the Retail & Commercial banking market, creating opportunities for new entrants, and forcing existing players to adapt.
Key players in this market are companies such as the Industrial and Commercial Bank of China Ltd., JPMorgan Chase & Co., and HSBC Holdings.

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Analyst Opinion

The Banking market in Niger is experiencing significant growth and development, driven by various factors influencing the financial landscape in the country.

Customer preferences: Customers in Niger are increasingly seeking convenient and accessible banking services. With the rise of digitalization, there is a growing demand for online and mobile banking solutions that offer flexibility and ease of use. Additionally, customers are looking for personalized services that cater to their specific financial needs and preferences.

Trends in the market: One notable trend in the Banking market in Niger is the expansion of branch networks and ATMs in both urban and rural areas. This trend aims to improve financial inclusion and accessibility for underserved populations. Moreover, there is a growing emphasis on financial literacy programs to educate the population on the benefits of banking services and promote a savings culture.

Local special circumstances: Niger faces unique challenges such as a predominantly cash-based economy and a large unbanked population. To address these issues, banks in the country are investing in innovative solutions such as agent banking and mobile money to reach remote areas and provide financial services to the unbanked population. Additionally, the regulatory environment plays a crucial role in shaping the banking sector in Niger, with policies aimed at promoting stability and growth.

Underlying macroeconomic factors: The Banking market in Niger is influenced by various macroeconomic factors such as economic growth, inflation, and government policies. As the economy continues to grow, there is an increasing demand for banking services to support business activities and personal financial needs. Moreover, efforts to enhance financial inclusion and regulatory reforms contribute to the overall development of the banking sector in the country.

Methodology

Data coverage:

Data encompasses B2B and B2C enterprises. Figures are based on Net Interest Income, Bank Account Penetration rate, the value of Deposits, the number of depositors, the value of Loans, the number of borrowers, Credit Card Interest Income, the number of ATMs as well as the number of Bank Branches.

Modeling approach / Market size:

Market sizes are determined by a combined Top-Down and Bottom-Up approach, based on a specific rationale for each market segment. As a basis for evaluating markets, we use data provided by the IMF, World Bank and the annual reports of the top 1000 Banks by asset size. Next we use relevant key market indicators and data from country-specific associations such as GDP, deposit interest rates, lending interest rates or bank account penetration rates. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, the S-curve function and exponential trend smoothing are well suited to forecast financial services for digital as well as traditional products and services.

Additional Notes:

The market is updated twice per year in case market dynamics change.