Bank’s e-transactions hit N34tn in Q1

A total volume of 557,083,712 transactions valued at N34.02tn were recorded in Q1 2019 as data on electronic payment channels in the Nigeria’s banking sector.

The National Bureau of Statistics disclosed this in a report on Selected banking sector data: Sectorial breakdown of credit, ePayment channels and staff strength.

NIBSS Instant Payments transactions dominated the volume of transactions recorded. 232,816,102 volume of NIP transactions valued at N24.17tn were recorded in Q1 2019.

In terms of credit to private sector, the total value of credit allocated by the banks stood at N15.21tn as of Q1 2019.

Oil and gas and manufacturing sectors got credit allocation of N3.49tn and N2.23tn to record the highest credit allocation as of the period under review.

As of Q1, 2019, the total number of banks’ employees increased by 0.33 per cent quarter-on-quarter from 104,669 in Q4 2018 to 105,017.

In the fourth quarter of 2018, a total volume of 616,528,697 transactions valued at N39.15tn were recorded as data on electronic payment channels.

NIP transactions dominated the volume of transactions recorded. 228,209,423 volume of NIP transactions valued at N23.57tn were recorded in Q4 2018.

In terms of credit to private sector, the total value of credit allocated by the bank stood at N15.13tn as of Q4 2018.

Oil  and  gas and manufacturing sectors got credit allocation of N3.55tn and N2.23tn to record the highest credit allocation as of the period under review.

As of Q4, 2018, the total number of banks employees increased by 1.80 per cent of from 102,821 in Q3 2018 to 104,669.

In the third quarter of 2018, a total volume of 5,294,871,285 transactions valued at N340.15tn were recorded.

Automated Teller Machine transactions dominated the volume of transactions recorded.

220,270,371 volume of ATM transactions valued at N1,593bn were recorded in Q3 2018.

In terms of credit to private sector, the total value of credit allocated by the bank stood at N15.59tn as of Q3 2018.

Oil and gas and manufacturing sectors got credit allocation of N3.59tn and N2.15tn to record the highest credit allocation as of the period under review.

As of Q3, 2018, the total number of banks employees increased by 0.95 per cent quarter-on-quarter from 101,861 in Q2 2018 to 102,821.