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E-Payment Transactions Hit N42.76Trn In Q3, 2019

The National Bureau of Statistics (NBS) has reported that the value of e-payment transactions in the nation’s banking sector rose to N42.76 trillion in 800,201,498 transactions during the third quarter this year.

The bureau, in its latest report titled ‘Selected Banking Sector Data Q3 2019’ stated that the figures were the available data on electronic payment (e-payment) channels in the sector nationwide during the review period.

During the quarter, the official statistics reporting agency, disclosed that the NIBSS Instant Payments (NIP) transactions dominated the volume of transactions, hitting 298,988,572 and amounting to N26.18 trillion in value.

According to the NBS, 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.

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