E-payment transactions value reaches N42.76trn in Q3, 2019

The National Bureau of Statistics (NBS) on Tuesday reported that the total value of e-payment transactions rose to N42.76trn  through 800,201,498 transactions during the third quarter this year.

The Bureau stated in its report titled ‘Selected Banking Sector Data Q3 2019’ that the figures represented available data on electronic payment (e-payment) channels in the banking sector  nationwide.

According to the official statistics reporting agency, during the quarter in review, the NIBSS Instant Payments (NIP) transactions dominated the volume of transactions hitting 298,988,572, amounting to N26.18trn.

The bureau stated further that in terms of credit to private sector in Q3, 2019, the total value of credit allocated by banks stood at N16.25 trn, with Oil & Gas and Manufacturing sectors getting  credit allocations of N3.39trn and N2.57trn respectively to record the highest credit allocations as at the period under review.

This is even as it reported that during the quarter, the total number of banks’ staff decreased by 2.81% quarter-on-quarter from 104,364 in Q2 2019 to 101,435.