Nigerian lenders record N29.44trn e-payment transactions in Q4 2017

Nigerian lenders recorded N29.44 trillion worth of e-payment transactions in the fourth quarter of 2017, according to the National Bureau of Statistics (NBS) in a report titled “Selected Banking Sector Data: Sectorial Breakdown of Credit, ePayment Channels and Staff Strength for the fourth quarter of 2017”.

RThe report indicated that a total volume of 461,980,541 transactions valued at N29.44 trillion were recorded in Q4 2017.

On banking sector credit to the private sector, the report stated that the oil and gas and manufacturing sectors got the highest credit allocations of N3.58 trillion and N2.17 trillion, respectively.

This means that there was a decline in facilities allocated to the private sector by banks, while comparing N15.74 trillion recorded in the fourth quarter of 2017 from N15.83 trillion declared in the preceding quarter in the same year.

NBS report further revealed that industry, mining and quarrying accounted for 0.16 per cent of the total credit worth N25.3 billion, while manufacturing, being the second highest benefactor of the bank credits in the fourth quarter accounted for 13.79 percent of the total credits.

In fact, Oil and gas; power and energy accounted for 22.72 per cent and 2.88 per cent respectively. The credit allocated to power and energy was worth N 453.9 bn. Under the services category, construction was allocated 4.17 per cent of the total credit worth over N657 billion and general commerce (Trade) accounted for 6.50 per cent, worth N1.02 trillion.

The government received 8.84 per cent of the credit worth N1.4 trillion. Real estate was allocated 4.79 per cent worth N753.6 billion. Finance, insurance and the capital market took up 7.15 per cent of the total credit worth N1.13 trillion, among other services.

However, Automated Teller Machine (ATM) transactions dominated the volume of transactions recorded 239,692,229 volume of ATM transactions valued at N1.833 trillion were recorded in Q4 2017.

The breakdown shows that 72.140 million transactions were recorded through the ATM in October 2107 valued at N532.01 billion. Transactions in November was 87.928 million valued at N670.980 billion while December recorded 79.622 million transactions valued at N629.560 billion.

For POS, the total transaction for the period under review stood at N47.535 million valued at N435 billion.

Breakdown shows that a total of 15.052 million transactions were recorded in the month with a value of N132.39 billion, transactions in November stood at N15.425 million, valued at N135.18 billion, while December transactions stood at 17.057 million, valued at N167.58 billion.

The Nigerian Instant Payment (NIP) for the same quarter stood at 122.859 million transactions valued at N15.712 trillion.

Breakdown shows the month of October recording 36.853 million transactions valued at N4.848 trillion with November recording 40.036 million transactions valued at N5.373 trillion, while December recorded 45.979 million transactions valued at N5.490 trillion.

The Nigerian Electronic Funds Transfer (NEFT) recorded a total of 11.070 million transactions valued at N4.139 trillion.

The breakdown shows that a transaction of 3.586 million were recorded with a value of N1.495 trillion as November recorded 3.282 million transactions valued at N1.302 trillion, while December recorded 4.201 million transactions valued at N1.340 trillion