Thursday, 8 February 2018

E-payment channels record N29.44trn transactions in Q4 - NBS

Electronic payment channels recorded N29.44 trillion worth of transactions in the last quarter of 2017. 

Data on Electronic Payment Channels in Nigeria’s banking sector released yesterday by the National Bureau of Statistics (NBS) showed that a total volume of 461,980,541 transactions were recorded in the last quarter of last year. 

The report showed that the Automated Teller Machine (ATM) transactions dominated the volume of transactions recorded. Analysis of the report showed that 239,692,229 ATM transactions valued at N1.83 trillion were recorded in Q4 2017. 

In terms of credit to private sector, a total of N15.74 trillion worth of credit was allocated by the banks in Q4 2017.  Oil & Gas and Manufacturing sectors got credit allocation of N3.58 trillion and N2.17 trillion to record the highest credit allocation in the period under review. As at Q4, 2017, the total number of banks’ staffs increased by 9.19 per cent from 82, 840 in Q3 2017 to 90,453.

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