Banking Sector Records Transactions Worth N29.44 Trillion In Q4 2017

The National Bureau of Statistics (NBS) says A total volume of 461,980,541 transactions valued at N29.44 trn was recorded in Q4 2017 as data on Electronic Payment Channels in the Nigeria Banking Sector revealed.

The NBS said this in a report on “Selected Banking Sector Data: Sectorial Breakdown of Credit, e-Payment Channels, Deposits and Domestic Credit Breakdown and Staff Strength’’ and made available to Brand Spur Nigeria.

The Bureau stated that the Automated Teller Machine (ATM) transactions dominated the volume of transactions recorded. 239,692,229 volume of ATM transactions valued at N1,833 bln were recorded in Q4 2017.

It stated that in terms of credit to private sector, a total of N15.74 trn worth of credit was allocated by the banks in Q4 2017. Oil & Gas and Manufacturing sectors got credit allocation of N3.58trn and N2.17 trn to record the highest credit allocation in the period under review.

The report also stated that the total number of banks staffs increased by 9.19% from 82,840 in Q3 2017 to 90,453 in Q4, 2017.