By Dipo Olowookere
Latest data from the National Bureau of Statistics (NBS) has revealed that in the third quarter of 2018, a total volume of 5,294,871,285 transactions valued at N340.15 trillion were recorded.
The stats office disclosed that the data, harvested from the Electronic Payment Channels in the Nigeria Banking Sector, also revealed that Automated Teller Machine (ATM) transactions dominated the volume of transactions recorded in the period under review, with 220,270,371 transactions worth N1.593 billion.
The data analysed by Business Post showed that a total volume of 2.1 million transactions worth N1.181 trillion were carried out via cheques, while 86 million transactions valued at N650.407 billion were done through the POS.
On the web, a total of 13.9 million transactions worth N69.072 billion were done, with money payments accounting for 23.9 million transactions worth N496.372 billion.
Also, in terms of credit to private sector, the total value of credit allocated by the bank stood at N15.59 trillion as at Q3 2018, with the oil & gas and manufacturing sectors receiving credit allocation of N3.59 trillion and N2.15 trillion to record the highest credit allocation as at the period under review.
On the issue of staffing, the NBS said as at Q3, 2018, the total number of banks’ staffs increased by 0.95 percent quarter-on-quarter from 101,861 in Q2 2018 to 102,821.
