Nigerian Banking Sector Records Transactions Worth N356.47Tn in Q4 2020 – NBS

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The National Bureau of Statistics (NBS) says a total volume of 3,464,811,083 transactions valued at N356.47trn was recorded in Q4 2020 as data on Electronic Payment Channels in the Nigeria Banking Sector revealed.

Online transfers dominated the volume of transactions recorded. 2,227,449,949 volume of Online Transfer transactions valued at N120.27trn were recorded in Q4 2020.

Nigeria Economy Slides into Recession; Albeit, Q3 2020 Real GDP Contraction Rate Eases to 3.62%…
Afolabi Sotunde Illustration Naira

In terms of credit to the private sector, the total value of credit allocated by the bank stood at N20.37trn as of Q4 2020. The oil & Gas and Manufacturing sectors got credit allocation of N3.93trn and N3.19trn to record the highest credit allocation as of the period under review.

As of Q4 2020, the total number of Banks’ staff decreased by -0.90% QoQ from 95,888 in Q3 2020 to 95,026.

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