Nigeria’s BNPL market is expected to grow by 13.8% annually, reaching $1.62 billion in 2025, following a CAGR of 23.1% in the previous years. The sector is projected to expand to approximately $2.61 billion by 2030. This growth is driven by increased e-commerce, greater financial inclusion, and shifting consumer preferences, while strategic partnerships are enhancing market integration.
The Nigeria Buy Now Pay Later (BNPL) market is poised for significant expansion, projected to grow by 13.8% annually, reaching $1.62 billion in 2025. Following a robust CAGR of 23.1% from 2021 to 2024, future growth is forecasted at a 10.0% CAGR through 2030, with the sector expected to reach approximately $2.61 billion by the end of that year. This growth is underpinned by increasing e-commerce activity, financial inclusion efforts, and evolving consumer preferences.
This comprehensive report offers an in-depth analysis of Nigeria’s BNPL industry, highlighting market risks, opportunities, and over 75 KPIs related to market dynamics, size, and share statistics. The BNPL model is transitioning from online retail to encompass various sectors, including utilities and transportation, emphasizing its integral role in the financial ecosystem. As competition intensifies, providers are expected to diversify their offerings to enhance consumer accessibility.
Key players like CredPal, Easybuy, and Motito have demonstrated aggressive expansions, partnering with platforms such as Jumia Nigeria to establish BNPL as a credible credit alternative. The forthcoming years will likely see heightened competitive dynamics, with regulatory developments from the Central Bank of Nigeria shaping the landscape via guidance for digital banks and offering favorable tax incentives.
The ongoing integration of BNPL services into multiple sectors highlights their potential to advance financial inclusion and adapt to market demands. For example, government initiatives facilitating vehicle transitions to compressed natural gas through installment payments emphasize BNPL’s role in essential services. Such financing solutions remove barriers to necessary investments and broaden access to financial products.
Strategic partnerships remain a cornerstone for expanding BNPL’s reach in Nigeria, encouraging fintech and retail collaboration. Noteworthy developments, such as Kueski introducing QR code payment options and Stori launching a co-branded credit card with Shein, reflect the dynamic growth fueled by competition and innovation within the BNPL sector.
In summary, Nigeria’s BNPL market is on a considerable growth trajectory, driven by increased e-commerce and changing consumer demands. The market’s potential to expand from $1.62 billion in 2025 to $2.61 billion by 2030 underscores its transformative influence on credit accessibility. As partnerships and regulatory frameworks evolve, BNPL services are anticipated to play an essential role in enhancing financial inclusion in Nigeria. Strategic collaborations and technological advancements will continue to enhance consumer adoption, ensuring BNPL becomes a mainstream alternative in the nation’s financial landscape. Moreover, governmental support for fintech through tax incentives will further bolster market growth, driving innovative solutions that address consumer needs effectively.
Original Source: www.globenewswire.com
