A report by the Central Bank of Nigeria indicated that bank loans to the private sector increased to 35.7 trillion naira at the end of 2021. This report indicates that Nigeria’s lending sector has become accessible and available to the private sector even as the economy tries to find balance from the effects of the…
Currently, Nigeria’s difficult economic position has created a surge in demand for quick loans, resulting in the establishment of many online lending platforms to help people overcome their financial difficulties. “Peer-to-peer lending is going to make a lot of impact in the financial sector and the economy in general because there are some individuals who do not have the access to funds from a financial sector and some who have funds that could be made available to borrow, peer-to-peer connects these individuals together,” Abolusoro said.
Speaking further, Mr Abolusoro said, “What we have simply done is to create an avenue for friends to lend from each other quickly without delay while keeping a track of the money lent and setting a reminder for both the borrower and lender.”