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Marketplace Lending (Consumer) - Papua New Guinea

Papua New Guinea

The country in Papua New Guinea is expected to witness a total transaction value in the MarketMarketplace Lending (Consumer) market market reaching US$0.0 by 2024.
When compared globally, it is notable that the United States leads with a projected transaction value of US$26,720m in 2024.
Key Market Indicators offer a glimpse into the social and economic landscape of Papua New Guinea and shed light on specific market trends.
These indicators, alongside information from statistical agencies, industry groups, and businesses, form the basis for Statista's market forecasts.
Papua New Guinea's Marketplace Lending sector is gaining traction among consumers seeking alternative capital raising solutions in the evolving financial landscape.

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

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Analyst Opinion

Marketplace lending (consumer) in Papua New Guinea is experiencing steady growth and development.

Customer preferences: In Papua New Guinea, customers are increasingly turning to marketplace lending platforms as an alternative to traditional banking channels. This is driven by the convenience and accessibility offered by these platforms, which allow borrowers to easily access funds without the need for lengthy application processes or collateral requirements. Additionally, marketplace lending platforms often offer competitive interest rates and flexible repayment terms, which appeal to borrowers who may not qualify for loans from traditional financial institutions.

Trends in the market: One of the key trends in the marketplace lending market in Papua New Guinea is the increasing adoption of mobile technology. With a high mobile penetration rate in the country, borrowers are able to access marketplace lending platforms through their smartphones, making the borrowing process more convenient and efficient. This trend is further supported by the growing popularity of mobile money services, which allow borrowers to receive and repay loans directly through their mobile wallets. Another trend in the marketplace lending market in Papua New Guinea is the emergence of peer-to-peer lending platforms. These platforms connect individual lenders with borrowers, allowing for direct lending without the involvement of traditional financial intermediaries. This trend is driven by the desire for more transparent and personalized lending options, as well as the potential for higher returns for lenders.

Local special circumstances: Papua New Guinea is a country with a large unbanked population, meaning that a significant portion of the population does not have access to traditional banking services. This creates a unique opportunity for marketplace lending platforms to fill the gap and provide financial services to underserved individuals and small businesses. The lack of traditional banking infrastructure also makes marketplace lending platforms more attractive, as they can reach remote areas where physical bank branches are not available.

Underlying macroeconomic factors: The development of the marketplace lending market in Papua New Guinea is also influenced by underlying macroeconomic factors. The country has experienced steady economic growth in recent years, which has resulted in an expanding middle class and increased disposable income. This has led to a greater demand for credit and financial services, which marketplace lending platforms are able to meet. Additionally, the government has been taking steps to promote financial inclusion and improve access to credit, which further supports the growth of the marketplace lending market. In conclusion, the marketplace lending (consumer) market in Papua New Guinea is developing due to customer preferences for convenience and accessibility, the adoption of mobile technology, the emergence of peer-to-peer lending platforms, the unique local circumstances of a large unbanked population, and underlying macroeconomic factors such as economic growth and government support for financial inclusion.

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.