PR Newswire

Nigeria Buy Now Pay Later Business Report 2024: BNPL Payments are Expected to Grow by 17.2% to Reach $3.29 Billion this Year - Forecasts to 2029

PR Newswire
5 min read

DUBLIN, Feb. 16, 2024 /PRNewswire/ -- The "Nigeria Buy Now Pay Later Business and Investment Opportunities Databook - 75+ KPIs on BNPL Market Size, End-Use Sectors, Market Share, Product Analysis, Business Model, Demographics - Q1 2024 Update" report has been added to ResearchAndMarkets.com's offering.

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BNPL payments in the country are expected to grow by 17.2% on an annual basis to reach US$3.29 billion in 2024.

The medium to long-term growth story of the BNPL industry in the country remains strong. BNPL payment adoption is expected to grow steadily over the forecast period, recording a CAGR of 11.2% during 2024-2029. The BNPL gross merchandise value in the country will increase from US$2.80 billion in 2023 to reach US$5.59 billion by 2029.

The BNPL payment industry in Nigeria has recorded strong growth over the last four quarters, supported by increased e-commerce penetration. This report provides a detailed data-centric analysis of the Buy Now Pay Later (BNPL) industry, covering market opportunities and risks across a range of retail categories. With over 75 KPIs at the country level, this report provides a comprehensive understanding of BNPL market dynamics, market size and forecast, and market share statistics.

It breaks down market opportunities by type of business model, sales channels (offline and online), and distribution models. In addition, it provides a snapshot of consumer behaviour and retail spending dynamics. KPIs in both value and volume terms help in getting an in-depth understanding of end market dynamics.

Reasons to buy

  • Get a comprehensive understanding of market dynamics for Buy Now Pay Later: Identify market opportunities, major trends, and forecasting (2020-2029). Understand market trends through crucial KPIs like Gross Merchandise Value, Volume, and Average Value per Transaction, to stay ahead of the curve.

  • Insights by end-use sectors: Evaluate new opportunities across multiple end-use sectors, and obtain market dynamics by end-use sectors in order to swiftly catch up with the latest and upcoming developments in BNPL markets.

  • Market-specific strategies: Identify growth segments focused on specific opportunities, and analysing market-specific risks and important trends in the BNPL sector with our exclusive blend of quantitative forecasting and innovative insights.

  • Gain knowledge of consumer attitudes and actions: This report identifies and interprets important Buy Now Pay Later KPIs, such as spend by age, gender, and income level, using data from a proprietary survey.

  • Develop proactive and lucrative business strategies through market intelligence and forward-looking analysis of BNPL market spend and major opportunities in Nigeria.

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