Banks Record 462m Transactions Worth N29.44tr in Q4—NBS

By Dipo Olowookere

Data released by the National Bureau of Statistics (NBS) on Monday has revealed that a total volume of 461,980,541 transactions valued at N29.44 trillion were recorded in fourth quarter of 2017.

The stats office disclosed in its report today that figures were obtained from the Electronic Payment Channels in the Nigeria Banking Sector.

Also in the report, the NBS said Automated Teller Machine (ATM) transactions dominated the volume of transactions recorded.

It was revealed that 239,692,229 volume of ATM transactions valued at N1.833 billion were recorded in Q4 2017.

In terms of credit to private sector, a total of N15.74 trillion worth of credit was allocated by the banks in Q4 2017.

Furthermore, the Oil & Gas and Manufacturing sectors got credit allocation of N3.58 trillion and N2.17 trillion to record the highest credit allocation in the period under review.

As at Q4, 2017, the total number of banks staffs increased by 9.19 percent from 82,840 in Q3 2017 to 90,453, the stats office said.

View the full report below:

Selected_Banking_Sector_Data_-_Q4_2017_

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan.

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