NBS: Banking Sector Posted N32.48tn Transactions in Electronic Payment Channels

By Ndubuisi Francis in Abuja

A total of 457,226,406 transactions valued at N32.48 trillion were recorded on electronic payment platforms in the Nigeria banking sector in the first quarter of 2018, the National Bureau of Statistics (NBS) has disclosed.
The Bureau, in its ‘selected banking sector data for the first quarter of 2018′, which was posted on its website, stated that with 212,370,853 transactions, Automated Teller Machine (ATM) transactions dominated the volume of businesses recorded by the banking sector.
According to the statistical agency, ATMs from select banks across the country recorded transactions valued at N1.6 trillion in the review period.
The NBS also disclosed that in terms of credit to the private sector, a total of N15.60 trillion credit was allocated by the banks during the quarter under review.
Oil and gas as well as the manufacturing sectors received credit allocations of N3.42 trillion and N2.07 trillion respectively to record the highest credit allocations within the period.
The NBS’ selected banking sector data for the first quarter of 2018
also revealed that the number of banks’ staff declined by -0.93 per cent from 90,453 in the fourth quarter of 2017 to 89,608 in the review period.