Home Business Money E-Payments In Nigeria Hit N34.02 Trillion In Q1
Money

E-Payments In Nigeria Hit N34.02 Trillion In Q1

Share
Share

A total of 557,083,712 electronic-payment transactions valued at N34.02 trillion were recorded in selected banks across the country in the first quarter, 2019, Nigeria’s statistics bureau has said.

The National Bureau of Statistics (NBS) said this in a report on Selected Banking Sector Data: Sectorial Breakdown of Credit, ePayment Channels and Staff Strength data posted on its website.

It said Nigeria Inter-Bank Settlement System (NIBSS) Instant Payment (NIP) transactions dominated the volume of transactions recorded with 232,816,102 volume of NIP transactions valued at N24.17 trillion were recorded within the period under review.

It, however, said that in terms of credit to the private sector, the total value of credit allocated by the banks stood at N15.21 trillion as at first quarter 2019.

NAN explained that Oil and Gas and Manufacturing sectors got credit allocation of N3.49 trillion and N2.23 trillion respectively to record the highest credit allocation as at the period under review.

Also, the total number of staffers of the banks increased by 0.33 per cent quarter-on-quarter from 104,669 in fourth quarter, 2018 to 105,017 in first quarter, 2019.

Source NAN

Share

Businesstoday Magazine

Businesstoday Conference/Awards

Related Articles

FG, States, LGCs Share N1.424trillion For December, 2024

The Federation Account Allocation Committee (FAAC), at its December 2024 meeting chaired...

Ecobank Partners With CreditCorp To Offer Affordable Financing To Customers             

Ecobank Nigeria has partnered with the Nigerian Consumer Credit Corporation (CrediCorp) to...

2025 Budget: ₦8.9bn Budget For Information Ministry Inadequate- Senate

The Federal Ministry of Information and National Orientation, budget of ₦8.9 billion...

CBN Fines Zenith Bank, Fidelity, Others For Not Dispensing Cash Via ATMs

The Central Bank of Nigeria (CBN) has sanctioned Deposit Money Banks (DMBs)...