Nigerian Banks Report N340.15 Trillion on Electronic Payment Channels in Q3, 2018-NBS

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December 3, 2018/NBS

A total volume of 5,294,871,285 transactions valued at N340.15trn were recorded in Q3 2018 as data on Electronic Payment Channels in the Nigeria Banking Sector revealed.

Automated Teller Machine (ATM) transactions dominated the volume of transactions recorded. 220,270,371 volume of ATM transactions valued at N1,593bln were recorded in Q3 2018.

In terms of credit to private sector, the total value of credit allocated by the bank stood at N15.59trn as at Q3 2018. Oil & Gas and Manufacturing sectors got credit allocation of N3.59trn and N2.15trn to record the highest credit allocation as at the period under review.

As at Q3, 2018, the total number of banks staffs increased by 0.95% QoQ from 101,861 in Q2 2018 to 102,821.

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