Banks post N19.3trillion transactions in Q3 2017

The Nigerian banking sector in the third quarter of 2017 recorded a total volume of 213,693,964 transactions valued at N19.33 trillion, the National Bureau of Statistics, NBS, has revealed.

According to the statistics bureau, the figures were obtained from data on Electronic Payment Channels in the Nigeria Banking Sector.

The NBS, in its report released on Wednesday and obtained by Business Post, disclosed that the NIBSS Instant Payment (NIP) transactions dominated the volume of transactions recorded during the period under review.

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It said 97,530,856 volume of NIP transactions valued at N13,963 billion were recorded in Q3 2017, while in terms of credit to private sector, a total of N15.83 trillion worth of credit was allocated by the banks in Q3 2017.

Oil & Gas and Manufacturing sectors got credit allocation of N3.54 trillion and N2.27 trillion to record the highest credit allocation in the period under review.

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

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Chuka (Webby) Aniemeka
Chuka (Webby) Aniemeka

Chuka is an experienced certified web developer with an extensive background in computer science and 18+ years in web design & development. His previous experience ranges from redesigning existing website to solving complex technical problems with object-oriented programming. Very experienced with Microsoft SQL Server, PHP and advanced JavaScript. He loves to travel and watch movies.

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