Nigerian Banks Made N32.9 Trillion Transactions in Q2

By: 'Dotun Akintomide

Cat:

August 20, 2018

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The National Bureau of Statistics (NBS) says a total volume of 509,668,433 transactions valued at N32.90trn was recorded in the banking sector during the second quarter.

The NBS made this known in its “Selected Banking Sector Data: Sectorial Breakdown of Credit, ePayment Channels and Staff Strength (Q2 2018)’’ report released in Abuja.

According to the report, Automated Teller Machine (ATM) transactions dominated the volume of transactions recorded.

It said 217,417,961 volume of ATM transactions valued at N1.6 trillion was recorded in the period under review.

“In terms of credit to private sector, the total value of credit allocated by the bank stood at N15.34trillion as at the second quarter.

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“Oil and Gas and Manufacturing sectors got credit allocation of N3.45trillion and N2.02trillion to record the highest credit allocation as at the period under review.

“As at the second quarter, the total number of banks staff increased by 13.67 per cent, from 89,608 in first quarter to 101,861,’’ the report stated

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'Dotun Akintomide

'Dotun Akintomide's journalism works intersect business, environment, politics and developmental issues. Among a number of local and international publications, his work has appeared in the New York Times. He's a winner of the National Youth Service Corps (NYSC) Award. Currently, the Online Editor at The New Diplomat, Akintomide has produced reports that uniquely spoke to Nigeria's experience on Climate Change issues. When Akintomide is not writing, volunteering or working on a media project, you can find him seeing beautiful sites like the sandy beaches that bedecked the Lagos coastline.

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