300,000 +
Nigerian Borrowers
One Story About Credit
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Nigeria
Consumer
Credit Insight
2025
2
0
2
5
AN EXCERPT FROM NIGERIA'S CREDIT LANDSCAPE REPORT
300,000 +
Nigerian borrowers?
We examined how Nigerians access credit and how they used it in 2025. It covers who borrows, how much they borrow, repayment patterns, and the emerging role of Buy Now Pay Later in everyday spending.
What the numbers say
₦449k
Average loan size
+72%
Loan growth YoY
₦110 trn
Total credit: Dec 2025
Scroll to explore
GENDER
& ACCESS
& ACCESS
For every 4 loans disbursed, only 1 reaches a woman; yet women borrow more per loan and repay better than men.
Loan disbursement split
Who is borrowing?
Our data shows that 74% of all loans go to men, while women receive just 26%. This shows a persistent gender gap and significant untapped potential among female borrowers.
Despite representing only 26% of total borrowers, women repaid their loans better, indicating that their larger loan amounts do not mean greater credit risk.
Despite representing only 26% of total borrowers, women repaid their loans better, indicating that their larger loan amounts do not mean greater credit risk.
₦478k
Women avg loan — higher than men despite fewer disbursements
₦431k
Men avg loan — 74% of all disbursements
74%
men
₦430,962 average loan
10.9% delinquency rate
26%
Women
₦478,117 average loan
7.8% delinquency rate
For Every 4 Loans Disbursed, Only 1 Reaches a Woman
Why Nigerians borrow
Every Naira borrowed
has a reason
The top three reasons for borrowing show Nigerians using credit to survive, not to build wealth.
Rent and Housing
#1
Medical Bills
#2
School Fees
#3
Nigerians collect an average of ₦449K per loan
Top 3 borrowing reasons: Rent, medical Bills & School fees
Family borrowing rates
Married vs Single Borrowers
Married Nigerians account for 91.9% of all loans. Credit is a necessity as they are typically responsible for a larger family.
The communal nature of Nigerian households means married adults serve as financial anchors for an extended family network. Credit becomes necessary in these circumstances, particularly for housing, health, and education.
Higher default risk
15%
Single borrowers more likely to default
Married borrowers
91.9%
of all loans disbursed
Single borrowers
8.1%
of all loans disbursed
Family Borrowing Rates
Married Women
VS
Married Men
AVERAGE LOAN AMOUNT
SHARE OF LOANs
Default
Comparison
Married men are the largest cohort of borrowers but they default at a higher rate than married women. Married women can access higher loan values because of their excellent repayment performance.
"The communal nature of Nigerian households means married adults serve as financial anchors for an extended family network. Credit becomes necessary in these circumstances, particularly for housing, health, and education."
Nigeria Consumer Credit Insight, 2025
Generational credit access
Credit is a Mid-Career Phenomenon
Millennials and Gen X together account for 94.5% of all borrowers. Baby Boomers at 0.6% have largely exited the credit market; Gen Z at 4.8% is just entering.
Between the ages of 30 and 60, Nigerians are navigating their years of peak responsibility, while facing cost-of-living pressures.
Creditworthiness also has differences along these lines. Gen X borrowers repay fastest after a default. Boomers take 71.1 days, nearly twice as long as Gen X borrowers.
Creditworthiness also has differences along these lines. Gen X borrowers repay fastest after a default. Boomers take 71.1 days, nearly twice as long as Gen X borrowers.
Percentage of
Loans Received
Repayment Delays
(Days past due date)
47.1
42.4
42.4
71.1
Married women take an average of ₦500,000 in loans, while married men collect ₦50,000 less.
Millennials and Gen X account for 95% of all loans received.
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₦449,178
Average amount borrowed per person
(23.5% YoY Growth)
The average loan value grew by 23.5% from ₦363K to ₦449K in 2025. These loans went directly into the real economy through higher spending on education, healthcare, housing, and small businesses.
INCOME
PATTERNS
PATTERNS
90% of borrowers earn below ₦200,000/month. Credit bridges the widening gap between wages and the cost of living
The earnings gaps
Salaries fall short
of Living Costs
Low-income borrowers take loan values that are up to 50% of their annual income; a strong reliance on credit for essential expenses, not aspirational purchases.
Nigerian borrowers are mostly lower-middle-income formal-sector workers whose salaries cannot cover recurring daily expenses, with 90% earning below N200,000.
Borrowers earning above N400k account for just 2% of all borrowers. The pattern shows the wide gap between what Nigerians earn and what it costs to live.
Borrowers earning above N400k account for just 2% of all borrowers. The pattern shows the wide gap between what Nigerians earn and what it costs to live.
90%
earn below N200k/month
2%
earn above N400k — far less reliant on credit
~50%
of annual income — avg loan for lowest earners
The higher you earn, THE MORE YOU CAN BORROW
Less than ₦30k
Average Loan Size: ₦161,202
12%
₦200k – ₦299k
Average Loan Size: ₦872,547
7%
₦30k – ₦49k
Average Loan Size: ₦154,269
10%
₦300k – ₦399k
Average Loan Size: ₦1,268,604
2%
₦50k – ₦99k
Average Loan Size: ₦297,463
36%
₦400k – ₦499k
Average Loan Size: ₦1,555,775
1%
₦100k – ₦199k
Average Loan Size: ₦557,847
32%
Above ₦500k
Average Loan Size: ₦2,459,662
1%
90% of borrowers earn below ₦200,000/month.
Low-income earners borrow up to 50% of their annual income on average.
While the best use of credit should be forwealth creation, we find that so manylow-income Nigerians are using credit to cover for basic living expenses that their salaries alone cannot cover.
Nigeria Consumer Credit Insight, 2025
BUY NOW
PAY LATER
PAY LATER
Smartphones are the largest category of BNPL purchases at 70% of gadget transactions.
Android leads overwhelmingly with mid-range devices priced at ₦130k–₦280k that most Nigerians cannot afford with a single payment.
Android leads overwhelmingly with mid-range devices priced at ₦130k–₦280k that most Nigerians cannot afford with a single payment.
The AFFORDABILITY gap
The iPhone vs Android Battle is Real,
and Android is Winning
Smartphones dominate BNPL purchasing, accounting for 70% of all gadget transactions in 2025.
Android devices account for 81.4% of all smartphone purchases. This is because while there are lots of mid-range Android options priced between ₦130k and ₦280k, most Nigerians cannot afford to buy them in one payment and use BNPL to fill the gap.
iPhone accounts for 18.6% of transactions.
Android
81.4%
Mid-range brands dominate. BNPL is the primary route to device ownership. ₦130k–₦280k typical range.
iPhone
18.6%
Fewer transactions but significantly higher ticket values. BNPL gives access to premium products.
81% Of All BNPL Phone Purchases Are For Android Phones.
Who buys via BNPL
Business Owners Treat BNPL as Asset Financing
45% of transactions come from self-employed individuals, compared to 29% of salaried workers. Business owners also average a higher ticket at ₦276,213, compared to ₦230,900 for salary earners.. BNPL is increasingly a business procurement tool, not just a consumer product.
Self-employed
45%
Salaried
29%
OTHERS
26%
Employment
status
status
Gender in BNPL
Men dominate with 7 in 10 transactions
Male customers account for 68.7% of transactions, with an average ticket of ₦257,320, compared to 31.0% for female customers, with an average ticket of ₦224,422. Male customers take larger average loans (₦150,905 vs ₦122,592 for females), consistent with the gender pattern observed in the broader loanbook.
Male customers
Avg ticket ₦257,320 · Avg loan ₦150,905
68.7%
Female customers
Avg ticket ₦224,422 · Avg loan ₦122,592
31.0%
Repayment tenor
More than 6 in every 10 people choose 5-6 months
Only 2.5% of people choose to repay their BNPL loans in one month. Over 40% select the maximum 6-month tenor.
Overall 5-6 month repayment tenor account for over 60% of all transactions showing a clear preference for longer BNPL repayment timelines.
This pattern suggests that most BNPL users are extending repayments as long as possible, due to income constraints rather than personal preference.
BNPL repayment tenor
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The Future of Credit in Nigeria
The dynamics of credit delivery in Nigeria are undergoing a structural transformation, with lending increasingly embedded at the point of economic activity rather than delivered as a standalone financial product.
AI & Automation Will Transform Scoring, Risk, and Operations
Open Banking Will Unlock the Data Layer for Safer, Inclusive Lending.
Informal Sector Inclusion Will Drive the Next Wave of Credit Expansion
Risk-Based Pricing Will Become the Dominant Market Standard
Payroll Lending Will Remain the Country's Credit Stability Anchor
Non-Bank Lenders Will Capture More Household Credit Share
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GENDER & ACCESS