Electronic payment hits N39.15trn in Q4-NBS

A total volume of 616,528,697 transactions valued at N39.15trn were recorded in Q4 2018 as data on Electronic Payment Channels in the Nigeria Banking Sector revealed.

In its Selected Banking Sector Data Q4 2018 report, the NBS noted that NIBSS Instant Payments (NIP) transactions dominated the volume of transactions recorded. 228,209,423 volumes of NIP transactions valued at N23.57trn were recorded in Q4 2018.

In terms of credit to private sector, the total value of credit allocated by the bank stood at N15.13trn as at Q4 2018. Oil & Gas and Manufacturing sectors got credit allocation of N3.55trn and N2.23trn to record the highest credit allocation as at the period under review.

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As at Q4, 2018, the total number of banks staffs increased by 1.80 per cent Quarter-on-Quarter from 102,821in Q3 2018 to 104,669.

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