Nigeria’s Banking Sector Records 800.21m Volume Of Transaction In Q3 2019

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A total volume of 800,201,498 transactions valued at N42.76trn were recorded in Q3 2019 as data on Electronic Payment Channels in the Nigeria Banking Sector revealed.

NIBSS Instant Payments (NIP) transactions dominated the volume of transactions recorded. 298,988,572 volume of NIP transactions valued at N26.18trn were recorded in Q3 2019.

In terms of credit to private sector, the total value of credit allocated by the bank stood at N16.25trn as at Q3 2019. Oil & Gas and Manufacturing sectors got credit allocation of N3.39trn and N2.57trn to record the highest credit allocation as at the period under review.

As at Q3 2019, the total number of banks’ staff decreased by 2.81% QoQ from 104,364 in Q2 2019 to 101,435.

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