December 12, 2020/NBS
A total volume of 2,781,526,188 transactions valued at N319.99trn was recorded in Q3 2020 as data on Electronic Payment Channels in the Nigeria Banking Sector revealed.
RTGS transfers dominated the volume of transactions recorded. 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, the total value of credit allocated by the bank stood at N19.87trn as of Q3 2020. Oil & 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.
As of Q3 2020, the total number of Deposit Money Banks’ staff increased by 1.47% QoQ from 94,498 in Q2 2020 to 95,888.
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% increase in credit Quarter on Quarter and 17.11% Year on Year.
Lagos State recorded the highest credit by geographical distribution with N15.13trn, accounting for 77.74% of the total credit by geographical distribution while Yobe State recorded the least with N19.38bn, accounting for 0.09% in Q3 2020.
Click here to read full PDF copy of report
