Banking Sector Records 457.23m Volume of Transactions in Q1 2018

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A total volume of 457,226,406 transactions valued at N32.48 trn were recorded in Q1 2018 as data on Electronic Payment Channels in the Nigeria Banking Sector revealed.

Automated Teller Machine (ATM) transactions dominated the volume of transactions recorded. 212,370,853 volume of ATM transactions valued at N1,568 bln were recorded in Q1 2018.

In terms of credit to private sector, the total value of credit allocated by the bank stood at N15.60 as at Q1 2018. Oil & Gas and Manufacturing sectors got credit allocation of N3.42trn and N2.07 trn to record the highest credit allocation as at the period under review.

As at Q1, 2018, the total number of banks’ staffs decreased by -0.93% from 90,453 in Q4 2017 to 89,608.