Banks Recorded N40.48trn E-transactions In Q2, 2019

A total volume of 711.29 million transactions valued at N40.48tn were recorded in second quarter of 2019 as data on electronic payment channels in the Nigeria Banking sector revealed.

The National Bureau of Statistics disclosed this in its 2019 second quarter report on, ‘Selected banking sector data: Sectorial breakdown of credit, ePayment channels and staff strength.’

The Nigeria Inter-Bank Settlement System Plc’s transactions dominated the volume of transactions recorded.

According to the NBS, 271.34 million volumes of NIBSS Instant Payments transactions valued at N25.18tn were recorded in Q2 2019.

In terms of credit to private sector, the total value of credit allocated by the bank stood at N15.13tn as at Q2 2019.

Oil & gas and manufacturing sectors got credit allocation of N3.33tn and N2.32tn to record the highest credit allocation as at the period under review.

As at Q2 2019, the total number of banks’ staff decreased by 0.62 per cent quarter on quarter from 105,017 in Q1 2019 to 104,364.