A total volume of 557,083,712 transactions valued at N34.02trn was recorded in Q1 2019 as data on Electronic Payment Channels in the Nigeria Banking Sector revealed, Nigeria’s statistics bureau has said.
The National Bureau of Statistics (NBS) said this in a report on Selected Banking Sector Data: Sectorial Breakdown of Credit, ePayment Channels and Staff Strength data posted on its website.
NIBSS Instant Payments (NIP) transactions dominated the volume of transactions recorded. 232,816,102 volume of NIP transactions valued at N24.17trn were recorded in Q1 2019.
In terms of credit to the private sector, the total value of credit allocated by the bank stood at N15.21trn as at Q1 2019. Oil & Gas and Manufacturing sectors got credit allocation of N3.49trn and N2.23trn to record the highest credit allocation as at the period under review.
As at Q1, 2019, the total number of banks staff increased by 0.33% QoQ from 104,669 in Q4 2018 to 105,017.