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Transactions via e-payments channels hit N263.78 in Q2 2020 ~NBS

By on September 9, 2020 0 123 Views

A total of N263.78 trillion was transacted through electronic payments channels via the country’s banking industry in the second quarter of 2020, the National Bureau of Statistics (NBS) said on Wednesday.

The latest data from the NBS showed that online transfer transactions dominated the volume of transactions recorded, with total value of N72.25 trillion in the period.

READ ALSO: Nigeria’s Total Debt Stock Up 8.3% To N31 Trln In June 2020 ~DMO

“In terms of credit to private sector, the total value of credit allocated by the bank stood at N18.82 trillion as at Q2 2020,” the NBS stated in its latest report.

“The Oil & Gas and Manufacturing sectors got credit allocation of N3.62 trillion and N3.07 trillion to record
the highest credit allocation as at the period under review.”

Banking sector credit to private sector was also dominated by loans and advances to the agriculture sector which rose to N903.70 billion in the second quarter from N853.27 billion in the previous quarter.

The NBS report also showed that about 2.55 percent of bank workers may have either lost their job, resign, or retired from the industry in the period.

The statistics bureau said the total number of banks’ staff decreased by -2.55 percent to 94,498 at the end of June compared with 96,975 in the first quarter of the year.

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