Market Insights Financial Capital Raising Digital Capital Raising

Marketplace Lending (Consumer) - Togo

Togo

The country in Togo is projected to reach a total transaction value of US$0.0 in the MarketMarketplace Lending (Consumer) market market by 2024.
When compared 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 Togo, shedding light on market-specific trends.
These indicators, along with information from statistical offices, trade associations, and businesses, form the basis for the Statista market models.
Togo's marketplace lending sector in consumer capital raising is experiencing a surge in peer-to-peer platforms, providing diverse investment opportunities for local entrepreneurs.

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

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Analyst Opinion

Marketplace lending (consumer) in Togo has experienced significant growth in recent years, driven by changing customer preferences, emerging trends in the market, local special circumstances, and underlying macroeconomic factors.

Customer preferences: Togolese consumers have shown a growing interest in marketplace lending as an alternative to traditional banking services. This shift in preference can be attributed to several factors. Firstly, marketplace lending offers convenience and accessibility, allowing borrowers to access funds quickly and easily without the need for extensive paperwork or collateral. Secondly, the transparency and competitive interest rates offered by marketplace lenders have attracted borrowers who are looking for more favorable terms compared to traditional banks. Lastly, the flexibility of marketplace lending platforms, which often offer customizable loan terms and repayment options, has appealed to Togolese consumers who value personalized financial solutions.

Trends in the market: One of the key trends in the marketplace lending market in Togo is the emergence of peer-to-peer lending platforms. These platforms connect borrowers directly with individual lenders, cutting out the middleman and reducing costs for both parties. This trend has gained traction due to the increasing popularity of digital platforms and the ease of accessing loans online. Additionally, the rise of mobile banking and digital payment systems in Togo has further facilitated the growth of marketplace lending, as borrowers can now apply for loans and make repayments through their smartphones.

Local special circumstances: Togo, like many other African countries, has a large unbanked population. This means that a significant portion of the population lacks access to traditional banking services. Marketplace lending has emerged as a viable solution for these individuals, providing them with an alternative means of accessing credit and financial services. The growth of marketplace lending in Togo can also be attributed to the limited presence of traditional banks in rural areas, where many potential borrowers reside. Marketplace lending platforms have been able to fill this gap by leveraging technology to reach underserved communities.

Underlying macroeconomic factors: The development of the marketplace lending market in Togo is also influenced by underlying macroeconomic factors. The country has experienced steady economic growth in recent years, which has led to an increase in disposable income and a growing middle class. This has created a larger pool of potential borrowers who are seeking credit for various purposes, such as education, healthcare, and small business financing. Additionally, Togo has made efforts to improve its business environment and attract foreign investment, which has contributed to the overall growth of the lending market. In conclusion, the marketplace lending (consumer) market in Togo is developing rapidly due to changing customer preferences, emerging trends in the market, local special circumstances, and underlying macroeconomic factors. As Togolese consumers increasingly turn to marketplace lending for its convenience, transparency, and flexibility, the industry is poised for further growth 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.