Nigeria’s banking sector records N356.47tn e-transactions Q4 2020-NBS
Nigeria’s banking sector recorded a total volume of 3.46 billion transactions valued at N356.47tn on electronic payment channels in the fourth quarter, (Q4) of 2020.
This was contained in the National Bureau of Statistics (NBS’s) latest report on ‘Selected banking sector data: Sectoral breakdown of credit, payments and staff strength’.
The NBS in the report released on Sunday, April 25, noted that the online transfers dominated the volume of transactions recorded.
The Bureau of Statistics explained that 2.23 billion volume of online transfer transactions valued at N120.27tn were recorded in Q4 2020.
In terms of credit to the private sector, the total value of credit allocated by the bank stood at N20.37tn as of Q4 2020.
Oil and gas and manufacturing sectors got credit allocation of N3.93tn and N3.19tn to record the highest credit allocation as at the period under review.
As of Q4 2020, the total number of banks’ staff decreased by -0.90 per cent QoQ from 95,888 in Q3, 2020 to 95,026.
Recall, CBN disclosed that financial institutions’ credit to the economy rose by N75bn to N43.67tn as of the end of February from N42.92tn in January.
This was disclosed by the CBN governor, Godwin Emefiele, on Tuesday, March 23, at the 278th Monetary Policy Committee press briefing in Abuja.
Emefiele said: “Provisional data showed that banking system credit to the economy increased by 1.75 percent to N43.67tn in February 2021 from N42.92tn in January 2021, reflecting the ongoing broad-based monetary and fiscal stimulus to various sectors of the economy
“The committee thus, enjoined the bank to maintain its current drive to improve access to credit to the private sector, while exploring other initiatives with the fiscal authorities to improve funding to critical sectors of the economy.”
The CBN governor said the committee revealed that the dank has disbursed funds under its various agricultural interventions towards improving food supply in Nigeria.
