ATM boosted Banking sector’s N32.90trn transactions in Q2

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A woman takes Nigerian Naira from a bank's automated teller machine (ATM) in Ikeja district in the commercial capital Lagos November 12, 2014. Nigeria's naira currency weakened slightly on the interbank market on Tuesday due to strong demand for dollars from foreign investors. REUTERS/Akintunde Akinleye (NIGERIA - Tags: BUSINESS) - RTR4DUX1

Banking hall The National Bureau of Statistics (NBS) says a total of 509,668,433 transactions valued at N32.90 trillion was recorded in the banking sector during the second quarter.

The NBS stated this in its “Selected Banking Sector Data: Sectorial Breakdown of Credit, ePayment Channels and Staff Strength (Q2 2018)’’ report released in Abuja.

According to the report, Automated Teller Machine (ATM) transactions dominated the volume of transactions recorded. It said 217,417,961 volume of ATM transactions valued at N1.603 billion was recorded in the period under reveal.

“In terms of credit to private sector, the total value of credit allocated by the banks stood at N15.34 trillion as at the second quarter.

“Oil and Gas and Manufacturing sectors got credit allocation of N3.45 trillion and N2.02 trillion respectively to record the highest credit allocation as at the period under review.

“As at the second quarter, the total number of banks staff increased by 13.67per cent, from 89,608 in first quarter to 101,861,” the report stated. (NAN)

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Godwin Okafor is a Financial Journalist, Internet Social Entrepreneur and Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.

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