Banks Recorded N42.76trn e-transactions In 2019 Q3

A total volume of 800.2 million transactions valued at N42.76tn were recorded in the third quarter of 2019, as data on electronic payment channels in the Nigeria banking sector revealed.

The National Bureau of Statistics disclosed in its selected banking sector data: Sectoral breakdown of credit,e-payment channels and staff strength’s report for third quarter of 2019.

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

298.98m volume of NIP transactions valued at N26.18tn were recorded in Q3 2019.

In terms of credit to private sector, the total value of credit allocated by the bank stood at N16.25tn as at Q3 2019.

Oil & gas and manufacturing sectors got credit allocation of N3.39tn and N2.57tn to record the highest credit allocation as at the period under review.

As at Q3 2019, the total number of banks’ staff decreased by 2.81 per cent quarter on quarter from 104,364 in Q2 2019 to 101,435.