Have you ever been in a tight spot and turned to borrow from family or friends for help? It’s a common practice in Nigeria, particularly among young people, with borrowing from family and friends accounting for 44.7% of lending channels. While it may seem like a convenient solution, it can sometimes lead to the end of otherwise strong relationships.
To better understand the issue, Sycamore, a peer-to-peer lending fintech company in Nigeria, teamed up with TechCabal Insights to dig deeper into the issue of lending amongst family and friends in Nigeria. This report is the culmination of our research, exploring the major players, reasons, and common challenges people encounter during the process.
This report examines the dynamics of the family and social borrowing market in Nigeria, its implications for the Nigerian economy, and how digitalization can increase the sustainability of this practice.
Produced in partnership with TechCabal Insights, this report is a must-read for anyone interested in the dynamics of borrowing between family and friends, and how technology can play a role in solving the problem.
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