Banking sector records N19.33trn transactions July – Sept, says Bureau

Transactions totalling 213.69 million and valued at N19.33 trillion are recorded in the third quarter as data on Electronic Payment Channels in the  banking sector; the National Bureau of Statistics (NBS) has disclosed. 

The NBS stated this in a report on “Selected Banking Sector Data: Sectorial Breakdown of Credit, e-Payment Channels, Deposits and Domestic Credit Breakdown and Staff Strength’’ posted on the bureau’s website.

The bureau stated that the Nigeria Inter-bank Settlement System (NIBSS) Instant Payment (NIP) transactions dominated the volume of transactions recorded in the quarter.

It stated that 97.53 volumes of NIP transactions valued at N13.96 billion were recorded in the quarter under review.

In terms of credit to private sector, the report stated that a total of N15.83 trillion worth of credit was allocated by the banks in the quarter.

It stated that Oil and Gas and Manufacturing sectors got credit allocation of N3.54 trillion and N2.27 trillion to record the highest credit allocation in the period under review.

The report also stated that the number of banks’ staff increased from 75, 607 in the second quarter to 82,531 in the third quarter.

-NAN

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