Banks’ electronic transactions hit N42.8tn in Q3

The National Bureau of Statistics (NBS), in its latest report, has revealed that the volume of electronic transactions recorded by banks between July and September this year, stood at N42.76 trillion.

This represented a 5.63% increase when set beside Q2 2019 figure, which was N40.48 trillion.

According to the report, transactions consummated through the Nigerian Interbank Settlement System Instant Payments (NIP) took the lion share of the volume of electronic payments recorded within the three month period.

Specifically, 298,988,572 NIP transactions worth N26.18 trillion were posted in the third quarter of 2019.

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The total value of credit granted by the banking sector to the private sector in the period under review amounted to N16.25 trillion. The Oil and Gas sector received credit worth N3.39 trillion while the Manufacturing sector obtained N2.57 trillion worth of credit in the said period.

The NBS data also noted that the workforce of banks fell by 2.81% quarter on quarter from 104,364 in Q2 2019 to 101,435 in Q3 2019.

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