May 7, 2018

ATM transactions hit N32.48trn in Q1 2018

ATM cash withdrawal

By Emmanuel Elebeke

The total volume of Automated Teller Machine transitions rose to N32.48 trillion in the first quarter of 2018.

ATM cash withdrawal

The National Bureau of Statistics, NBS revealed this in its quarterly report on selected Banking Sector Data: Sectorial Breakdown of Credit, ePayment Channels and Staff Strength posted on its website on Monday.

According to NBS, a total volume of 457,226,406 transactions valued at N32.48 trillion was recorded in the quarter under review.

The report which was sourced from data on Electronic Payment Channels in the Nigeria Banking Sector revealed that ATM transactions dominated the volume of transactions recorded with 212,370,853 volume of ATM transactions valued at N1,568 billion were recorded in Q1 2018.

In terms of credit to private sector, the total value of credit allocated by the banking sector stood at N15.60 trillion as at Q1 2018.

Oil & Gas and Manufacturing sectors got credit allocation of N3.42trn and N2.07 trn to record the highest credit allocation as at the period under review.

However, the report further revealed that as at Q1, 2018, the total number of banks’ staffs decreased by -0.93% from 90,453 in Q4 2017 to 89,608.