Banking Sector Reports 213.69 Million Transactions At N19.33 Trillion In Q3 2017

The National Bureau of Statistics on Wednesday, Dec 13, 2017, released the Selected Banking Sector Data: Sectorial Breakdown of Credit,
ePayment Channels, Deposits & Domestic Credit Breakdown and Staff Strength report for the third quarter of this year, Brandspur Nigeria reports.

A total volume of 213,693,964 transactions valued at N19.33 trn was recorded in Q3 2017 as data on Electronic Payment Channels in the Nigeria Banking Sector revealed.

In the report signed by the Statistician General of the Federation and Chief Executive, NBS, Dr. Yemi Kale and made available to BrandSpur Nigeria, the bureau said NIBSS Instant Payment (NIP) transactions dominated the volume of transactions recorded. 97,530,856 volume of NIP transactions valued at N13,963 bln were recorded in Q3 2017.

In terms of credit to private sector, a total of N15.83 trn worth of credit was allocated by the banks in Q3 2017. Oil & Gas and Manufacturing sectors got credit allocation of N3.54trn and N2.27 trn to record the highest credit allocation in the period under review.

As at Q3, 2017, the total number of banks staffs increased by 9.16% from 75,607 in Q2 2017 to 82,531.

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