Shehu, Abdulkadir and Adam Sa'ad, Auwal and Hasan, Aznan
(2023)
Islamic Peer-to-peer (P2P) Financing as an alternate Model of MSME financing in Nigeria.
In: International Conference on Islamic Finance and Banking (ICIFB'2023), 10-11 September 2023, Doha, Qatar.
(Unpublished)
Abstract
In emerging economies, including Nigeria, the Nano, Micro, Medium & Small enterprises (“NMSME”) sector are essential actors for socio-economic development. In recent times, the increasing convergence of technology and financial services (FinTech) has transformed financial service delivery and engendered cheap, sustainable and innovative alternative mechanisms of funding for NNMSMEs, prime among of which is the Peer-to-peer (P2P) financing. This study examines the plausibility of Islamic P2P Financing model as a viable option for NMSME funding in Nigeria. The study will utilize both primary and secondary data sourced from official publications, surveys, articles, interviews, working papers, websites, e-books, and online resources to drive its goals. The study finds out that evolution of digital economy, vibrant and demand driven NMSME ecosystem, the growth of Islamic finance industry, and importantly, an evolving regulatory regime, among others, are factors that are driving Islamic P2P Financing model in Nigeria. The study recommends that for Islamic P2P financing to be effectively leveraged to fund the NNMSMEs in Nigeria, the numerous stakeholders must synergize to utilize the opportunities presented by the model. It further recommends the requisite policy advocacy and development of Shari’ah compliance framework by the regulators and appropriate authorities towards assuring investors and practitioners of the integrity of the model.
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