Key regions: United Kingdom, United States, China, Brazil, Australia
The Marketplace Lending (Consumer) market in Morocco has been experiencing significant growth in recent years. Customer preferences, local special circumstances, and underlying macroeconomic factors have all contributed to the development of this market.
Customer preferences in Morocco have shifted towards online and digital platforms for financial services. This is driven by the increasing penetration of smartphones and internet connectivity in the country. Consumers are increasingly seeking convenience and speed in their financial transactions, and marketplace lending platforms offer a convenient and efficient way to access credit.
The ability to apply for loans online, without the need for extensive paperwork or physical visits to a bank, is particularly appealing to Moroccan consumers. Trends in the market show that marketplace lending platforms in Morocco are expanding their product offerings to cater to a wider range of consumer needs. Initially, these platforms focused primarily on personal loans, but they have now started to offer other types of credit, such as auto loans and mortgages.
This diversification of products is driven by the increasing demand from consumers for a one-stop solution for their financial needs. By offering a variety of loan products, marketplace lending platforms in Morocco are able to attract a larger customer base and increase their market share. Local special circumstances in Morocco have also played a role in the development of the marketplace lending market.
Traditional banks in the country have historically been conservative in their lending practices, making it difficult for some individuals and small businesses to access credit. Marketplace lending platforms have filled this gap by providing an alternative source of financing. These platforms are able to offer loans to individuals and businesses that may not meet the strict criteria of traditional banks, thereby increasing financial inclusion in the country.
Underlying macroeconomic factors have also contributed to the growth of the marketplace lending market in Morocco. The country has experienced steady economic growth in recent years, which has led to an increase in disposable income and consumer spending. This has created a greater demand for credit among Moroccan consumers, which marketplace lending platforms have been able to fulfill.
Additionally, the low interest rate environment in the country has made borrowing more attractive, further driving the demand for marketplace loans. In conclusion, the Marketplace Lending (Consumer) market in Morocco has been growing rapidly due to customer preferences for online and digital financial services, the diversification of product offerings by marketplace lending platforms, local special circumstances that have created a need for alternative sources of financing, and underlying macroeconomic factors such as economic growth and low interest rates. As these trends continue, the marketplace lending market in Morocco is expected to further expand in the coming years.
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.
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