N319.9tr transactions recorded through banks’ e-payment platforms in Q3 2020 – NBS

The Nigerian Bureau of Statistics (NBS) said on Saturday a total of 2,781,526,188 transactions valued at N319.99trillion were recorded through the e-payment platforms in the Nigeria banking sector in the third quarter (Q3) of 2020.

The NBS disclosed this in its latest Selected Banking Sector Data which focused on sectorial breakdown of credit, e-payment channels and staff strength of Deposit Money Banks (DMBs).

It added that Real Time Gross Settlement transfers dominated the volume of transactions recorded during the period.

According to NBS, 1,799,199 volume of online transfer transactions valued at N116.06trn were recorded in Q3.

The bureau disclosed that in terms of credit to the private sector, the total value of credit allocated by the banking sector stood at N19.87trn in Q3.

NBS said: “Oil and gas and manufacturing sectors got credit allocation of N3.74trillion and N3.03trillion to record the highest credit allocation as at the period under review.”

It stressed that as of Q3 2020, the total number of DMBs staff increased by 1.47 percent quarter-on-quarter from 94,498 in the second quarter to 95,888.

The bureau said the geographical distribution of credit by state stood at N19.46trillion compared to N18.90trillion in Q2 2020 and N16.62trillion Q3 2019.

“This represents a 2.96 percent increase in credit quarter-on-quarter and 17.11 percent year-on-year,” the NBS concluded.

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