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Nigerian Fintechs are Battling With Increasing Number of Loan Defaults Due to Job Loss and Economic Woes

Loan default rates in Nigeria is on the increase due to growing economic uncertainty in the country. According to reports, fintech startups in Nigeria are the most hit as they are struggling to keep loan default rates at tolerable levels.

The fintech model of providing a convenient and easy way to access loans has been growing the sector at breakneck speed for the past year. However, the economic effects of the pandemic which has led to increasing loan defaults is compelling startups to reconsider their business models. Read more via TechNext

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