Over N263.78tn Electronic Payment Transactions Recorded – Bank

Over N263.78tn Electronic Payment Transactions Recorded in Nigeria.

The total transaction of ATM payment in Nigeria recorded in the second quarter of 2020 stood at N263.78 trillion with a transaction volume of 2,160,436,659, NBS report released yesterday.

While the report was titled: ‘Selected Banking Sector Data: Sectorial Breakdown of Credit, e-Payment Channels and Staff Strength (Q2 2020)’.

The rise of the online transfer transactions dominated electronic payments with N72.25 trillion with 1,317,621,686 in volume of transactions, report claims.

Further more, value of cheque transactions stood at N2.29 trillion while NEFT transfers accounted for N59.55 trillion.

Another report claims that, transaction through Automated Teller Machines (ATMs) amounted to N37.44 trillion while Point of Sale (PoS) transactions stood at N999.91 billion.

NBS report said, mobile app transfers amounted to N6.92 trilion, while USSD transfers totaled N1.04 trillion.

Q2, the banking industry credit to the private sector stood at N18.82 trillion, compared to N18.49 trillion in Q1 with oil and gas and manufacturing sectors accounting for the highest allocation of N3.62 trillion and N3.07 trillion respectively in Q2.

While the total credit to agriculture stood at N903.70 billion compared to N853.27 billion in the preceding quarter.

While the banking sector gross loans stood at N18.90 trillion, Non -Performing Loans (NPLs) stood at N1.21 trillion as against gross loans of N18.56 trillion and NPLs of N1.18 trillion in Q1.

The total staff strength of the Deposit Money Banks (DMBs) was estimated at 94,498 staff.

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