A total volume of 2,781,526,188 transactions valued at N319.99trn was recorded in the third quarter of this year based on data on electronic payment channels in the Nigeria banking sector, the Nigerian Bureau of Statistics has said.
It disclosed this in its latest Selected Banking Sector Data which focused on sectorial breakdown of credit, e-payment channels and staff strength of Deposit Money Banks.
The bureau said Real Time Gross Settlement transfers dominated the volume of transactions recorded.
RTGS systems are specialist funds transfer systems where the transfer of money or securities takes place from one bank to any other bank on a real-time and on a gross basis.
The NBS said 1,799,199 volume of online transfer transactions valued at N116.06trn were recorded in Q3 2020.
In terms of credit to the private sector, it stated that the total value of credit allocated by the banking sector stood at N19.87trn as of Q3 2020.
“Oil and gas and manufacturing sectors got credit allocation of N3.74trn and N3.03trn to record the highest credit allocation as at the period under review,” the bureau stated.
It stated that as of Q3 2020, the total number of Deposit Money Banks’ staff increased by 1.47 per cent quarter-on-quarter from 94,498 in Q2 2020 to 95,888.
It said the geographical distribution of credit by state stood at N19.46trn compared to N18.90trn in Q2 2020 and N16.62trn in Q3 2019.
“This represents 2.96 per cent increase in credit quarter-on-quarter and 17.11 per cent year-on-year,” the NBS said.
It added that Lagos State recorded the highest credit by geographical distribution with N15.13trn, accounting for 77.74 per cent of the total credit by geographical distribution, while Yobe State recorded the least with N19.38bn, accounting for 0.09 per cent in Q3 2020.