Home Business Banks record e-transactions valued at N32.9tn in Q2
Banks record e-transactions valued at N32.9tn in Q2

Banks record e-transactions valued at N32.9tn in Q2


A total volume of 509,668,433 transactions valued at N32.90tn were recorded in the second quarter of 2018 as data on electronic payment channels in the country’s banking sector.

According to figures obtained from the National Bureau of Statistics, on Monday, Automated Teller Machine transactions dominated with a volume of 217,417,961 valued at N1.603bn.

The total value of credit allocated by banks to the private sector, according to the NBS, was N15.34tn while oil and gas and manufacturing sectors got credit allocation of N3.45tn and N2.02tn respectively to record the highest credit allocation during the period under review.

The report stated that the total number of banks staff increased by 13.67 per cent from 89,608 in Q1 to 101,861, adding that banks employed 12, 253 people in the last three months.

A breakdown of the 101,861 people employed by banks showed that 210 were executive staff, 17,144 were senior staff, 40,549 were junior staff and 43,955 were contract staff.

The NBS stated, “NIBSS instant payment also recorded 168.6 million transactions, while point of sale machines recorded 67 million transactions.

“Banking sector credit to agriculture stood at N523tn, amounting to 3.41 per cent of the total credit; education recorded 0.47 per cent of the total allocation at N71tn.”

The report also revealed that as of June 30, 2018, “demand deposits stood at N9,181,2017.7; private sector deposits at the Central Bank of Nigeria stood at N2,970,969.9; and private sector deposits at commercial banks stood at N6,185,622.7.”





Source: Punch


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