Banking Sector Recorded N263.78 Trillion Electronic Transactions In Q2 – NBS

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The National Bureau of Statistics (NBS) on Wednesday said the banking sector recorded a total volume of 2,160,436,659, amounting to N263.73 trillion electronic payment transactions in the second quarter of 2020.

In a report titled “Selected Banking Sector Q2 2020,” the bureau said online transfer accounted for the bulk of the volume of transactions in the period under review.

It added that the sector recorded 1,317,621,686 volume of online transfer transactions, which amounted to N72.25trillion in the second quarter of this year.

The NBS said the bank allocated N18.82 trillion credit to the private sector in the period under review.

According to the report, while the oil and gas sector received N3.62 trillion, the manufacturing got N3.0.7 trillion, earning the highest credit allocation as at the quarter under review.

The report reads: “A total volume of 2,160,436,659 transactions valued at N263.78trn were recorded in Q2 2020 as data on Electronic Payment Channels in the Nigeria Banking Sector revealed.

“Online Transfer transactions dominated the volume of transactions recorded. 1,317,621,686 volume of Online Transfer transactions valued at N72.25trn were recorded in Q2 2020.

“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.

“As at Q2 2020, the total number of banks staff decreased by -2.55% QoQ from 96,975 in Q1 2020 to 94,498.

“A total volume of 2,160,436,659 transactions valued at N263.78trn were recorded in Q2 2020 as data on Electronic Payment Channels in the Nigeria Banking Sector revealed.

“Online Transfer transactions dominated the volume of transactions recorded 1,317,621,686 volume of Online Transfer transactions valued at N72.25trn were recorded in Q2 2020.

“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.

“As at Q2 2020, the total number of banks’ staff decreased by -2.55% QoQ from 96,975 in Q1 2020 to 94,498.”

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