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.

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