Nigerians conduct N264tn worth of electronic transactions in 3 months –NBS
Transactions carried out by Nigerians via electronic payment channels totalled N263.78 trillion between April and June this year, the National Bureau of Statistics (NBS) said on Wednesday.
In its Selected Banking Sector Data Q2 2020 report, the statistics office said a total of 2,160,436,659 e-payment transactions happened within the review period, with online transactions contributing 1,317,621,686 or 60.99%, valued at N72.25 trillion.
When set beside the first quarter figure, the Q2 2020 transaction value was 21.1% lower, down from N334.534 trillion. On the volume side, transactions in Q2 2020 were 2.1% fewer than those of the quarter before, which stood at 2,206,845,344.
Read also: Electronic payment transactions leap by N3.63trn in five months
“In terms of credit to private sector, the total value of credit allocated by the bank stood at N18.82trn as at Q2 2020.
“Oil & Gas and Manufacturing sectors got credit allocation of N3.62trn and N3.07trn to record the highest credit allocation as at the period under review,” the NBS said.
The total number of bank employees decreased by 2.55% quarter on quarter from 96,975 to 94,498, meaning that 2,477 staff exited the banking system in the period.
Non-performing loans came to N1.2 trillion as of the end of June, translating to 6.4% of the total credit of banks to the economy.
Join the conversation
Support Ripples Nigeria, hold up solutions journalism
Balanced, fearless journalism driven by data comes at huge financial costs.
As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.
If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.
Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.
INVESTIGATION: 4 yrs after completion, Kwara PHC facility inactive, rural dwellers in pains
In the middle of the night sometime in September 2019, Fatimah Ballah struggled with severe pains as she tries to...
INVESTIGATION: How Oyo State, contractors spent N1.1bn on water projects, but communities don’t have a drop
Multimillion naira water projects largely initiated by the late Abiola Ajimobi-led state government in Oyo State to benefit over 40...
INVESTIGATION: In Cross River, civil servants retire into poverty as govt looks away, squanders funds on frivolities
Thousands of civil servants in Cross River State struggle to stay alive as they are denied their gratuities and monthly...
Students suffer as contractors abandon Kano school projects after receiving over N70m
In 2019, to improve the condition of public schools in Kano State, the Federal Government disbursed millions of naira to...
SPECIAL REPORT: World Bank road projects go bad in Enugu, as state govt fails to fulfill promise
Counterpart funded road projects between the world Bank and Enugu State government have started to fail, as the state government...