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Mon - Fri, 9am - 6pm (EST)
Mon - Fri, 9am - 5pm (SGT)
Mon - Fri, 10:00am - 6:00pm (JST)
Mon - Fri, 9:30am - 5pm (GMT)
Mon - Fri, 9am - 6pm (EST)
Key regions: United States, China, Japan, Brazil, United Kingdom
The Banking market in Nigeria has been experiencing significant growth and development in recent years.
Customer preferences: Customers in Nigeria are increasingly turning towards digital banking solutions, such as mobile banking apps and online platforms, due to the convenience and accessibility they offer. This shift in preferences is driving banks in the country to invest more in their digital infrastructure and services to meet the growing demand for digital banking.
Trends in the market: One of the notable trends in the Nigerian banking market is the increasing focus on financial inclusion. Banks are expanding their reach to unbanked populations in rural areas through agency banking and mobile money services. This trend is not only driven by regulatory requirements but also presents a significant business opportunity for banks to tap into new customer segments.
Local special circumstances: The regulatory environment in Nigeria plays a crucial role in shaping the banking market. Stricter regulations around capital requirements and risk management have pushed banks to strengthen their operations and improve their overall stability. Additionally, the prevalence of fintech companies in Nigeria is creating a competitive landscape for traditional banks, prompting them to innovate and adapt to changing market dynamics.
Underlying macroeconomic factors: The macroeconomic landscape in Nigeria, including factors such as GDP growth, inflation rates, and foreign exchange stability, directly impacts the banking sector. Economic fluctuations and currency volatility can affect banks' profitability and asset quality. As a result, banks in Nigeria closely monitor macroeconomic indicators and adjust their strategies to mitigate risks associated with external factors.
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.Mon - Fri, 9am - 6pm (EST)
Mon - Fri, 9am - 5pm (SGT)
Mon - Fri, 10:00am - 6:00pm (JST)
Mon - Fri, 9:30am - 5pm (GMT)
Mon - Fri, 9am - 6pm (EST)