The Nigeria Bureau of Statistics (NBS) has revealed that a total volume of 213,693,964 transactions, representing N19.33trillion was recorded by Nigerian banks in the third quarter of 2017.
The data released by NBS on Electronic Payment Channels in the Nigeria Banking Sector, also revealed that NIBSS Instant Payment (NIP) transactions dominated the volume of transactions recorded, with 97,530,856 volumes of NIP transactions valued at N13, 963bln were recorded in Q3 2017.
According to Proshare, in terms of credit to the private sector, a total of the N15.83trn worth of credit was allocated by the banks in Q3 2017, with Oil & Gas and Manufacturing sectors getting credit allocation of N3.54trn and N2.27trn to record the highest credit allocation in the period under review.
The data also revealed that as of Q3, 2017, the total number of banks’ staffs, increased by 9.16% from 75,607 in Q2 2017 to 82,531.