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Marketplace Lending (Consumer) - Rwanda

Rwanda

The total transaction value in the MarketMarketplace Lending (Consumer) market market in Rwanda is projected to reach US$0.0 in 2024.
When comparing globally, it is evident that the highest transaction value is achieved the United States (US$26,720m in 2024).
Key Market Indicators offer a comprehensive view of the social and economic landscape of the country, shedding light on pertinent market-specific advancements.
These indicators, coupled with information from statistical bureaus, trade organizations, and enterprises, form the basis for the Statista market analyses.
Rwanda's Marketplace Lending sector in Capital Raising shows a growing preference for peer-to-peer platforms among tech-savvy consumers.

Key regions: Singapore, United States, Israel, United Kingdom, Australia

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Analyst Opinion

Marketplace lending (consumer) in Rwanda has experienced significant growth in recent years, driven by changing customer preferences, favorable market trends, and local special circumstances. Customer preferences in the marketplace lending (consumer) market in Rwanda have shifted towards more convenient and accessible financial services.

Traditional banking services can be difficult to access for many Rwandans, especially those living in rural areas. Marketplace lending platforms offer a convenient alternative, allowing individuals to access loans and other financial services quickly and easily through their mobile phones. This has attracted a growing number of customers who value the convenience and accessibility offered by marketplace lending platforms.

Trends in the marketplace lending (consumer) market in Rwanda reflect the broader global trend of digital transformation in the financial industry. The rise of mobile banking and digital financial services has created new opportunities for marketplace lending platforms to reach customers and provide financial solutions. The increasing penetration of smartphones and internet connectivity in Rwanda has further facilitated the growth of marketplace lending, as more individuals are able to access and use these platforms.

Additionally, the COVID-19 pandemic has accelerated the shift towards digital financial services, as people seek contactless and remote banking options. Local special circumstances in Rwanda have also contributed to the development of the marketplace lending (consumer) market. The government of Rwanda has been actively promoting financial inclusion and digital transformation as part of its national development agenda.

This has created an enabling environment for marketplace lending platforms to operate and grow. The government has implemented policies and regulations to support the development of fintech companies and encourage innovation in the financial sector. This has attracted both local and international marketplace lending platforms to enter the Rwandan market and offer their services to the population.

Underlying macroeconomic factors have also played a role in the growth of the marketplace lending (consumer) market in Rwanda. The country has experienced steady economic growth in recent years, which has increased disposable income and improved access to credit for many individuals. This has created a larger pool of potential borrowers who are seeking financial solutions to meet their personal and business needs.

Additionally, the low interest rate environment in Rwanda has made borrowing more affordable, further incentivizing individuals to seek loans through marketplace lending platforms. In conclusion, the marketplace lending (consumer) market in Rwanda is developing rapidly due to changing customer preferences, favorable market trends, local special circumstances, and underlying macroeconomic factors. The convenience and accessibility offered by marketplace lending platforms, along with the government's support for financial inclusion and digital transformation, have contributed to the growth of the market.

As the Rwandan economy continues to expand and digital technologies become more widely adopted, the marketplace lending (consumer) market is expected to further flourish in the coming years.

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.