Data on electronic payment channels in the Nigeria banking sector has shown that a total volume of 2,781,526,188 transactions valued at N319.99 trillion was recorded in Q3 of 2020.

A report by the National Bureau of Statistics, NBS, released yesterday revealed that RTGS transfers dominated the volume of transactions recorded. 1,799,199 volume of online transfer transactions valued at N116.06 trillion were recorded in Q3 2020.

In terms of credit to the private sector, the total value of credit allocated by the bank stood at N19.87 trillion as of Q3 2020. Oil and gas and the manufacturing sectors got credit allocation of N3.74 trillion and N3.03trillion respectively, to record the highest credit allocation as at the period under review.

The total number of Deposit Money Banks’ staff within the same period increased by 1.47 per cent quarter-on-quarter from 94,498 in Q2 2020 to 95,888.

Geographical distribution of credit by state stood at N19.46 trillion compared to N18.90 trillion in Q2 2020 and N16.62 trillion in Q3 2019; representing 2.96 per cent increase in credit quarter-on-quarter and 17.11 per cent year-on-year.

Lagos State recorded the highest credit by geographical distribution with N15.13 trillion, accounting for 77.74 per cent of the total credit by geographical distribution while Yobe State recorded the least with N19.38 billion, accounting for 0.09 per cent in Q3 2020.


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