Market Insights Financial Capital Raising Digital Capital Raising

Marketplace Lending (Consumer) - Ivory Coast

Ivory Coast

Total transaction value in the Consumer Marketplace Lending market in Ivory Coast is forecasted to reach US$0.0 in 2024.
When comparing globally, the United States leads with a transaction value of US$26,720m in 2024.
Key Market Indicators offer a glimpse into the social and economic landscape of Ivory Coast, shedding light on market-specific trends.
These indicators, combined with data from statistical agencies, trade associations, and businesses, form the basis for Statista's market projections.
Ivory Coast's Marketplace Lending sector is experiencing a surge in consumer capital raising through innovative digital platforms, driving financial inclusion and economic growth.

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

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Analyst Opinion

Marketplace lending (consumer) in Ivory Coast is experiencing significant growth and development. Customer preferences for alternative lending options, coupled with local special circumstances and underlying macroeconomic factors, are driving this trend.

Customer preferences in Ivory Coast are shifting towards marketplace lending due to several factors. Firstly, traditional banking services are often inaccessible to a large portion of the population, particularly those in rural areas. Marketplace lending platforms provide a convenient and accessible alternative for individuals seeking loans.

Additionally, the lengthy and complex loan application processes associated with traditional banks are being bypassed by the streamlined and efficient nature of marketplace lending. This appeals to borrowers who value convenience and speed. Furthermore, marketplace lending platforms often offer competitive interest rates and flexible repayment terms, making them an attractive option for borrowers.

Trends in the marketplace lending market in Ivory Coast are also influenced by global and regional market developments. The rise of digital technology and internet penetration has facilitated the growth of marketplace lending platforms worldwide. Ivory Coast, with its increasing internet connectivity and smartphone adoption, is well-positioned to benefit from this trend.

As more individuals gain access to digital platforms, the potential customer base for marketplace lending expands, leading to increased market activity. Local special circumstances also contribute to the development of the marketplace lending market in Ivory Coast. The country has a large informal economy, with a significant portion of economic activity occurring outside of traditional banking channels.

Marketplace lending platforms provide an avenue for individuals in the informal sector to access credit and financial services. This inclusionary aspect of marketplace lending is particularly relevant in Ivory Coast, where financial inclusion remains a challenge. Underlying macroeconomic factors further support the growth of marketplace lending in Ivory Coast.

The country has experienced steady economic growth in recent years, which has led to an expansion of the middle class. As individuals in this segment seek to finance various needs and aspirations, marketplace lending platforms offer an attractive alternative to traditional banks. Additionally, the Ivorian government has implemented policies aimed at promoting financial inclusion and supporting the growth of the fintech sector.

These initiatives create a favorable environment for marketplace lending platforms to thrive. In conclusion, the marketplace lending (consumer) market in Ivory Coast is developing rapidly due to customer preferences for convenient and accessible lending options, global and regional market trends, local special circumstances, and underlying macroeconomic factors. As the market continues to evolve, marketplace lending platforms have the potential to play a significant role in expanding financial inclusion and driving economic growth in Ivory Coast.

Methodology

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.