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E-payment transactions drop to N19.33trn in Q3, 2017

By Elizabeth Adegbesan

The National Bureau of Statistics, NBS, has said that the value of e-payment transactions recorded by banks in third quarter (Q3), 2017 declined to N19.33 trillion from N19.78 trillion in the second quarter (Q2) of the year, representing 2.3 percent decrease.

In its report, “Selected Banking Sector Data,” released yesterday, the NBS did not explain factors responsible for  the decline but said the amount was recorded in 213.69 million transactions.

mobile money

It also noted that the Nigeria Inter-Bank Settlement System, NIBSS, Instant Payment (NIP) transactions dominated the volume of transactions during the period recording a volume of 97.53 million transactions valued at N13.963 trillion. In the Q2, 2017 ATM transactions dominated the space.

The data revealed that a total of N15.8 trillion worth of credit was allocated by the banks to private sectors in Q3 2017, indicating a marginal increase of 0.8 percent when compared to the N15.7 trillion allocated to the sector in Q2, 2017.

According to the data, oil & gas and manufacturing sectors got credit allocation of N3.5 trillion and N2.3 trillion respectively to record the highest credit allocation in the period under review.

The data further showed that the total number of banks’ staffs in Q3, 2017 increased by 9.16 percent to 82,531 in Q2’17 from 75,607 during the review period.


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