World’s first ATM machine turns to gold on 50th birthday
…Withdraw N3trn through ATMs
…Banks’ loan to private sector drops by N405bn
By Babajide Komolafe
LAGOS— Nigerians made N42 trillion electronic payment transactions in the first half of this year (H1 2017), including N3 trillion cash withdrawal through ATMs.
Meanwhile, banks’ lending to the private sector of the economy dropped by N405 billion during the same period.
National Bureau of Statistics, NBS, disclosed this in a report entitled, “Selected Banking Sector Data: Sectorial Breakdown of Credit, ePayment Channels and Staff Strength,” for the second quarter of the year.
According to the NBS, Nigerians made 631.7 billion electronic payment transactions valued at N42 trillion in H1 2017.
Breakdown of the transactions comprise: Volume and value of NIP transactions (NIBSS Instant Payment) at 150.5 billion and N26.5 trillion; volume and value of ATM transactions at 366.7 billion and N3.04 trillion; volume and value of PoS transactions at 59.4 billion and N610 billion; volume and value of Internet (web) transactions at 11.4 billion and N84 billion; volume and value of mobile payment at 24.2 billion and N556 billion; volume and value NEFT (NIBSS Electronic Transfer Funds) at 14 billion and N8.2 trillion.
The report, however, revealed that the value of epayment transactions dropped by 10 per cent in the second quarter (Q2 2017) to N20 trillion from N22 trillion in the first quarter (Q1 20170), while the volume of transactions rose marginally to N327.4 billion from 304.3 billion.
In the second quarter, the volume of ATM transactions rose by 4.9 per cent to 188 billion while the value increased by 2.9 per cent to N1.54 trillion; the volume of PoS transactions rose by 23 per cent to 33 billion while the value rose by 13 per cent to N324 billion; the volume of NIP transactions rose 15.9 per cent to 81 billion while the value rose by 2.0 per cent to N13.4 trillion.
The volume of internet transactions rose by 7.3 per cent to 5.9 billion but the value dropped by 21 per cent to N37 billion; the volume of mobile payment transaction dropped by 7.9 per cent to 11.6 billion but the value rose by 13 per cent to N295 billion; and the volume of NEFT transactions dropped by 29 per cent to 5.8 billion while the value also dropped by 45 per cent to N2.9 trillion.
The NBS report also revealed that banks’ lending to the private sector dropped by N405 billion in the H1 2017 to N15.7 trillion from N16.117 trillion at the end of December 2016.
In the second quarter (Q2 2017), banking sector lending to the private sector, dropped by 1.82 per cent to N15.7 trillion from N16 trillion in the first quarter (Q1 2017). Oil and Gas sector received the largest loan of N3.53 trillion, followed by Manufacturing sector with N2.2 trillion and Government sector with N1.37 trillion.
The Educational sector received the smallest loan of N75 billion during the quarter, followed by Transport sector with N403 billion, and Agricultural sector with N501 billion.
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