Banks Record N263.78tn Electronic Payment Transactions in Q2 2020

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Banks Record N263.78tn Electronic Payment Transactions in Q2 2020
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The total volume of 2,160,436,659 transactions valued at N263.78trn were recorded in Q2 2020 as data on Electronic Payment Channels in the Nigeria Banking Sector revealed, according to the NBS, in its report titled: ‘Selected Banking Sector Data: Sectorial Breakdown of Credit, e-Payment Channels and Staff Strength (Q2 2020)’.

According to the report, online Transfer transactions dominated the volume of transactions recorded. 1,317,621,686 volume of Online Transfer transactions valued at N72.25trn were recorded in Q2 2020. 

Banks Record N263.78tn Electronic Payment Transactions in Q2 2020
Photo by rupixen.com

In terms of credit to the private sector, the total value of credit allocated by the bank stood at N18.82trn as at Q2 2020. Oil & Gas and Manufacturing sectors got credit allocation of N3.62trn and N3.07trn to record the highest credit allocation as at the period under review.

As at Q2 2020, the total number of banks’ staff decreased by -2.55% QoQ from 96,975 in Q1 2020 to 94,498.

While the banking sector gross loans stood at N18.90 trillion, Non-Performing Loans (NPLs) stood at N1.21 trillion as against gross loans of N18.56 trillion and NPLs of N1.18 trillion in Q1.

The total staff strength of the Deposit Money Banks (DMBs) was estimated at 94,498 staff.