The National Bureau of Statistics (NBS) has reported that a total volume of 213,693,964 transactions valued at N19.33 trillion were recorded through electronic payment channels in the third quarter of this year.
The Bureau ,in its latest report on Selected Banking Sector Data: Sectorial Breakdown of Credit, ePayment Channels, Deposits & Domestic Credit Breakdown and Staff Strength, disclosed that out of the total value of transactions, the NIBSS Instant Payment (NIP) transactions dominated the volume of transactions recorded. 97,530,856 volume of NIP transactions valued at N13,963 billion were recorded in the quarter under review.
Clarifying further on the transactions trend, the agency stated that in terms of credit to private sector, a total of N15.83 trillion worth of credit was allocated by the banks in Q3 2017.
A further analysis of the credit transactions by the NBS showed that Oil & Gas and Manufacturing sectors got credit allocation of N3.54 trillion and N2.27 trillion, thereby accounting for the highest credit allocation in the period under review.
On the manpower data in the banking sector, the Bureau reported that as at the quarter in focus, the total number of banks’ staff increased by 9.16 percent from 75,607 in the second quarter to 82,531 in the third quarter of this year.
