Nigerian banks record N3tn rise in transaction value, shed 845 staff in Q1

The value of transactions recorded in the Nigerian banking sector rose by N3.04 trillion in the first quarter of 2018

Also, the number of bank staffs dropped by 845, the latest report by the National Bureau of Statistics (NBS) on “Selected Banking Sector Data” released on Saturday has shown.

According to the report, a total volume of 457,226,406 transactions worth N32.48 trillion were performed by the sector in the period under review against 461,980,541 transactions valued at N29.44 trillion in the preceding quarter, representing a drop of 4,754,135 in the volume of transactions.

The Automated Teller Machine (ATM) recorded the highest volume of transactions of all the Electronic Payment Channels in the first quarter with 212,370,853 volume of transactions worth N1.57 trillion while the Nigeria Interbank Settlement System (NIBSS) Instant Payment (NIP) followed with 139,790,345 transactions valued at N17.80 trillion.

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Meanwhile, the overall staff strength in the banking sector declined to 89,608 from 90,453. Although, the number of Executive and Senior Staff rose to 210 from 188, and 16,941 from 16,568, while that of Junior and Contract Staff reduced to 32,013 from 32,359, and 89, 608 from 90,453 in the quarter under review respectively.

Also, the total value of banking sector credit to the private sector dropped by 0.86% to N15.60 trillion from N15.74 trillion allocated to the sector in the last quarter of 2017.

Oil & Gas and Manufacturing in the Industry sector received the highest chunk of the credit of N3.42 trillion and N2.07 trillion while Government and Oil & Gas in the Services Sector followed with N1.41 trillion and N1.21 trillion in Q1 2018 respectively. Credit to Agriculture sector stood at N501.67 billion while Education obtained N73.48 billion in the same period.

By Olakoyenikan Oluwasegun

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