A total volume of 2,781,526,188 transactions valued at N319.99trn was recorded in Q3 2020 as data on Electronic Payment Channels in the Nigeria Banking Sector revealed.
This was contained in the Nigerian Bureau of Statistics (NBS’s) latest Selected Banking Sector Data which focused on the sectorial breakdown of credit, e-payment channels and staff strength of Deposit Money Banks.
The NBS stated that the RTGS transfers dominated the volume of transactions recorded. 1,799,199 volume of Online Transfer transactions valued at N116.06trn were recorded in Q3 2020.
According to the Bureau of Statistics, “In terms of credit to the private sector, the total value of credit allocated by the bank stood at N19.87trn as of Q3 2020.
“Oil & Gas and Manufacturing sectors got credit allocation of N3.74trn and N3.03trn to record the highest credit allocation as at the period under review.
As of Q3 2020, the total number of Deposit Money Banks’ staff increased by 1.47% QoQ from 94,498 in Q2 2020 to 95,888.”
The NBS added that the geographical Distribution of Credit by State stood at N19.46trn compared to N18.90trn in Q2 2020 and N16.62trn in Q3 2019. This represents 2.96% increase in credit Quarter on Quarter and 17.11% Year on Year.
It explained further that Lagos state recorded the highest credit by geographical distribution with N15.13trn, accounting for 77.74% of the total credit by geographical distribution while Yobe State recorded the least with N19.38bn, accounting for 0.09% in Q3 2020.