The streets of Lagos, Nigeria’s commercial capital, are covered with billboards promoting the brands of the country’s 25 banks. It gives the appearance of intense competition. Yet when it comes to consumer retail banking, appearances are deceptive.
Nigeria’s banking industry has remarkably little exposure to the man on the street. Less than 10% of the lending by even the largest retail banks is to individuals. The consumer base is mostly seen as ground to rake for cash that can then be lent to multinationals and large corporates.
