Nigeria’s Banking Sector Records 213.69Million Volume of Transactions in Q3’17

December 14, 2017/NBS

A total volume of 213,693,964 transactions valued at N19.33 trn were recorded in Q3 2017 as data on Electronic Payment Channels in the Nigeria Banking Sector revealed.

NIBSS Instant Payment (NIP) transactions dominated the volume of transactions recorded. 97,530,856 volume of NIP transactions valued at N13,963 bln were recorded in Q3 2017.

In terms of credit to private sector, a total of N15.83 trn worth of credit was allocated by the banks in Q3 2017. Oil & Gas and Manufacturing sectors got credit allocation of N3.54trn and N2.27 trn to record the highest credit allocation in the period under review.

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

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