The National Bureau of Statistics (NBS) says a total volume of 457,226,406 transactions valued at N32.48 trillion were recorded in Q1 2018 as data on Electronic Payment Channels in the Nigeria Banking Sector.

The NBS said this in a report on “Selected Banking Sector Data: Sectorial Breakdown of Credit, e-Payment Channels, Deposits and Domestic Credit Breakdown and Staff Strength’’ made available to Brand Spur Nigeria.

Comparatively, in Q4 2017, a total volume of 461,980,541 transactions valued at N29.44 trillion was recorded as data on Electronic Payment Channels in the Nigeria Banking Sector, according to the National Bureau of Statistics (NBS).

Read also: BANKING SECTOR REPORTS 213.69 MILLION TRANSACTIONS VALUED AT N19.33 TRILLION IN Q3 2017

The Bureau stated that the Automated Teller Machine (ATM) transactions dominated the volume of transactions recorded. 212,370,853 volume of ATM transactions valued at N1,568 bln were recorded in Q1 2018.

In terms of credit to private sector, a total of N15.60 trillion worth of credit was allocated by the banks in Q1 2018. It stated that Oil & Gas and Manufacturing sectors got credit allocation of N3.42trn and N2.07 trillion to record the highest credit allocation within the period under review.

The report also stated that as at Q1, 2018, the total number of banks staffs decreased by -0.93% from 90,453 in Q4 2017 to 89,608. This was quite different from what it was as at Q1, 2017, where the total number of banks staffs increased from 76,812 in Q4 2016 to 77,690 in Q1 2017.

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