N34.02tn e-transactions recorded in Q1 2019, NBS says

N34.02tn e-transactions recorded in Q1 2019, NBS says

The National Bureau of Statistics (NBS) has said a total of 557,083,712 electronic-payment transactions valued at N34.02 trillion were recorded for the first quarter of 2019 in the country.

The statistics which was gathered from selected banks across the country reflect Sectorial Breakdown of Credit, e-Payment Channels and Staff Strength data.

According to the report posted on the NBS website, Nigeria Inter-Bank Settlement System (NIBSS) Instant Payment (NIP) transactions dominated the volume of transactions recorded with 232,816,102 volume of NIP transactions valued at N24.17 trillion.

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In terms of credit to the private sector, the total value of credit allocated by the banks stood at N15.21 trillion as at first quarter 2019.

It also noted that the Oil and Gas and Manufacturing sectors got credit allocation of N3.49 trillion and N2.23 trillion respectively to record the highest credit allocation as at the period under review.

Also, the total number of staffers of the banks increased by 0.33 per cent quarter-on-quarter from 104,669 in fourth quarter, 2018 to 105,017 in first quarter, 2019.

By Babatunde Alao…

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