This spring, during the media breakfast organised by the Fintech Latvia Association, was presented an independent study “Development of the Latvian non-bank consumer lending industry” conducted by Arnis Sauka.
This study was conducted because the non-banking consumer lending industry, together with the Fintech industry, has experienced rapid development both in Latvia and elsewhere. The study provides a comprehensive insight into the evolution of the sector, changes in regulation, loan portfolio quality and interest rates, in comparison to the banking sector.
The study conducted by Prof. Arnis Saukas in early 2023 is based on publicly available statistics, a member survey and express interviews, as well as information provided by the FLA. Participants included 4FINANCE AS, DelfinGroup (Banknote), VIZIA FINANCE SIA, NORDIC FINANCE SIA, MOGO AS, PRIMERO FINANCE AS, IPF DIGITAL LATVIA SIA, representing more than 50% of the industry by the volume of issued non-banking consumer loans.
The public opinion poll conducted by the research agency “Norstat” in March 2023 reveals how the general society has reacted to the developments in the sector. It revealed that there are now significantly more positive and neutral attitudes among non-banking credit users – 70%, and correspondingly significantly fewer negative attitudes – 28%. “The Norstat survey was conducted in March 2023, with an online survey of 1,000 Latvian residents aged 18-74.