CrowdLending (Business) - Ghana | Statista Market Forecast

The total transaction value in the Crowdlending (Business) market market in Ghana is expected to hit US$549.40k in 2024.
When compared globally, China leads with a transaction value of US$16bn in 2024.
Ghana's CrowdLending market in Capital Raising is seeing a surge in interest from local businesses seeking alternative financing solutions.

Definition:

Crowdlending platforms, otherwise know as lending-based Crowdfunding enable small and medium-sized enterprises to get loans from single or multiple, private and institutional investors via an online brokering platform. On credit platforms such as Funding Circle, OnDeck, Kabbage and Lending Club, businesses can obtain small loans up to a set maximum value. As a rule, financing requests are analyzed by the provider via an internal scoring system and are checked against additional minimum requirements such as turnover. Subsequently, these financing requests can be invested in by private and institutional investors at an appropriate interest rate determined by the credit rating of the company. This makes it possible for SMEs to borrow quickly and easily, as the basic requirements for obtaining finance are more flexible compared to traditional bank loans.

Alternative financing for SMEs and freelancers (bank-independent loans)
Small business loans issued by single or multiple private and institutional investors (non-banks)
Online loan request, scoring and approval

Traditional bank loans
Consumer loans and credit card transactions
Business-to-Business credit scoring and rating services
Online marketplaces for consumer loans (see Marketplace Lending)

The CrowdLending (Business) market in Ghana is experiencing significant growth and development.

Customer preferences: In Ghana, there is a growing preference for CrowdLending (Business) as a means of accessing capital for businesses. This is driven by the convenience and efficiency of online platforms that connect borrowers with lenders. Additionally, the transparency and lower interest rates offered by CrowdLending (Business) platforms are attracting businesses in Ghana.

Trends in the market: One of the key trends in the CrowdLending (Business) market in Ghana is the increasing number of platforms that are entering the market. This is creating a more competitive landscape and giving borrowers more options to choose from. As a result, borrowers are able to find platforms that best suit their needs in terms of loan amount, interest rates, and repayment terms. Another trend in the market is the focus on small and medium-sized enterprises (SMEs). CrowdLending (Business) platforms in Ghana are increasingly targeting this segment, as SMEs play a crucial role in the country's economy. By providing them with access to capital, these platforms are helping to fuel their growth and contribute to job creation.

Local special circumstances: Ghana has a vibrant entrepreneurial ecosystem, with many individuals and businesses seeking funding to start or expand their ventures. However, traditional financing options such as banks often have stringent requirements and lengthy approval processes. CrowdLending (Business) platforms are filling this gap by offering a more accessible and streamlined alternative. Furthermore, the government of Ghana has recognized the importance of supporting SMEs and entrepreneurship. It has implemented various initiatives and policies to promote access to finance for these businesses. This favorable environment has contributed to the growth of the CrowdLending (Business) market in Ghana.

Underlying macroeconomic factors: Ghana has experienced steady economic growth in recent years, which has created a conducive environment for businesses. This growth has been supported by factors such as political stability, an improving business climate, and a growing middle class. As businesses in Ghana continue to expand and seek financing, CrowdLending (Business) platforms are well-positioned to meet their needs. Additionally, the high mobile penetration rate in Ghana has made it easier for individuals and businesses to access online platforms. This has contributed to the growth of the CrowdLending (Business) market, as borrowers can easily apply for loans and lenders can invest their funds with just a few clicks. In conclusion, the CrowdLending (Business) market in Ghana is experiencing significant growth and development. Customer preferences for convenience, transparency, and lower interest rates are driving the demand for CrowdLending (Business) platforms. The increasing number of platforms entering the market and the focus on SMEs are key trends in the market. Local special circumstances, such as the vibrant entrepreneurial ecosystem and government support for SMEs, are contributing to the growth of the market. Furthermore, underlying macroeconomic factors such as steady economic growth and high mobile penetration rate are creating a favorable environment for the CrowdLending (Business) market in Ghana.

Data coverage:

The data encompasses B2C enterprises. Figures are based on transaction values / revenues / assets under management and user data of relevant services and products offered within the FinTech market.

Modeling approach / Market size:

Market sizes are determined through a combined top-down and bottom-up approach, building on a specific rationale for each market segment. As a basis for evaluating markets, we use annual financial reports of key players, industry reports, third-party reports, publicly available databases, and survey results from primary research (e.g., the Statista Global Consumer Survey). In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, consumer spending, population, internet penetration, smartphone penetration, credit card penetration, and online banking penetration. This data helps us 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 relevant market. For example, the S-curve function and exponential trend smoothing are well suited for forecasting digital products and services due to the non-linear growth of technology adoption.

Additional notes:

The market is updated twice a year in case market dynamics change. The impact of the COVID-19 pandemic and the Russia-Ukraine war is considered at a country-specific level.

This report presents a comprehensive analysis and additional information on the Financial market, in a PDF format.

Crowdfunding is the collective effort of a large number of individuals who network and pool small amounts of capital to finance a new or existing business venture. Each campaign is set for a goal amount of money and a fixed timeframe, each day is counted down and the money raised will be tallied up for visitors to follow its success. The size of the global crowdfunding market is growing and the largest markets are North America and Asia.