Nigeria: Banking e-Transactions Hit N34trn in Q1 2019

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A total volume of 557,083,712 transactions valued at N34.02tn were recorded in Q1 2019 as data on Electronic Payment Channels in the Nigeria’s banking sector.

The National Bureau of Statistics disclosed this in a report on Selected banking sector data: Sectorial breakdown of credit, ePayment channels and staff strength, Punch newspaper reported.

NIBSS Instant Payments transactions dominated the volume of transactions recorded. 232,816,102 volume of NIP transactions valued at N24.17tn were recorded in Q1 2019.

In terms of credit to private sector, the total value of credit allocated by the banks stood at N15.21tn as of Q1 2019.

Oil and gas and manufacturing sectors got credit allocation of N3.49tn and N2.23tn to record the highest credit allocation as of the period under review.

As of Q1, 2019, the total number of banks’ employees increased by 0.33 per cent quarter-on-quarter from 104,669 in Q4 2018 to 105,017.

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