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Banking sector’s e-transaction in Q2 2020 totals N263.78tr – NBS

BY David Olalele

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The banking sector has recorded a total volume of 2,160,436,659, which amounted to N263. 73 trillion electronic payment transactions (e-transaction) in the second quarter (Q2) of this year.

Source: National Bureau of Statistics

This was contained in a report released by the National Bureau of Statistics (NBS), titled: “Selected Banking Sector Q2 2020.”

In the report, the bureau explained that the online transfer accounted for the bulk of the volume of transactions in the period under review.

The report also has it that the sector recorded 1,317,621,686 the volume of online transfer transactions, which amounted to N72.25trillion in the second quarter of this year.

Source: National Bureau of Statistics

TechEconomy.ng brongs to you a further breakdown of the report as released by NBS:

“A total volume of 2,160,436,659 transactions valued at N263.78trillion were recorded in Q2 2020 as data on Electronic Payment Channels in the Nigeria Banking Sector revealed.

“Online transfer transactions dominated the volume of transactions recorded. 1,317,621,686 volume of online transfer transactions valued at N72.25trillion were recorded in Q2 2020.

Source: National Bureau of Statistics

“In terms of credit to the private sector, the total value of credit allocated by the bank stood at N18.82trn as of Q2 2020. Oil & Gas and Manufacturing sectors got credit allocation of N3.62trn and N3.07trn to record the highest credit allocation as at the period under review.

“As at Q2 2020, the total number of banks staff decreased by -2.55per cent QoQ from 96,975 in Q1 2020 to 94,498.”

Source: National Bureau of Statistics

@TechEconomyNG connects past-present-emerging technological impacts on Businesses, People and Cities. All Correspondence to: [email protected]

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