Banks made N32.9 trillion transactions in Q2

The National Bureau of Statistics (NBS) says a total volume of 509,668,433 transactions valued at N32.90trn was recorded in the banking sector during the second quarter(Q2).
The NBS made this known in its “Selected Banking Sector Data: Sectoral Breakdown of Credit, ePayment Channels and Staff Strength (Q2 2018)’’ report released in Abuja.
According to the report, Automated Teller Machine (ATM) transactions dominated the volume of transactions recorded.
It said 217,417,961 volume of ATM transactions valued at N1.6 trillion was recorded in the period under review.
“In terms of credit to private sector, the total value of credit allocated by the bank stood at N15.34trillion as at the second quarter.
“Oil and Gas and Manufacturing sectors got credit allocation of N3.45trillion and N2.02trillion to record the highest credit allocation as at the period under review.
“As at the second quarter, the total number of banks staff increased by 13.67 per cent, from 89,608 in first quarter to 101,861,’’ the report stated. Meanwhile, a total volume of 457,226,406 transactions valued at N32.48 trn were recorded in Q1 2018 as data on Electronic Payment Channels in the Nigeria Banking Sector revealed. Automated Teller Machine (ATM) transactions dominated the volume of transactions recorded. 212,370,853 volume of ATM transactions valued at N1,568 bln were recorded in Q1 2018. In terms of credit to private sector, the total value of credit allocated by the bank stood at N15.60 as at Q1 2018. Oil & Gas and Manufacturing sectors got credit allocation of N3.42trn and N2.07 trn to record the highest credit allocation as at the period under review. As at Q1, 2018, the total number of banks’ staffs decreased by -0.93% from 90,453 in Q4 2017 to 89,608.