Banking Sector Records N19.3tr Transactions in Q3 2017—NBS

By Dipo Olowookere

A total volume of 213,693,964 transactions valued at N19.33 trillion were recorded in the Nigerian banking sector in the third quarter of 2017, the National Bureau of Statistics (NBS) has revealed.

The figures, according to the stats office, were obtained from data on Electronic Payment Channels in the Nigeria Banking Sector.

The NBS, in its report released on Wednesday and obtained by Business Post, disclosed that the NIBSS Instant Payment (NIP) transactions dominated the volume of transactions recorded during the period under review.

It said 97,530,856 volume of NIP transactions valued at N13,963 billion were recorded in Q3 2017, while in terms of credit to private sector, a total of N15.83 trillion worth of credit was allocated by the banks in Q3 2017.

Oil & Gas and Manufacturing sectors got credit allocation of N3.54 trillion and N2.27 trillion to record the highest credit allocation in the period under review.

As at Q3 of 2017, the total number of banks staffs increased by 9.16 percent from 75,607 in the Q2 of 2017 to 82,531.

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. Mr Olowookere can be reached via dipo.olowookere@businesspost.ng

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