No fewer than 3,464,811,083 transactions recorded through Electronic Payment Channels worth N356.47 trillion was carried out in the fourth quarter of 2020, the National Bureau of Statistics (NBS) said.
The NBS made the disclosure in its document titled: “Selected Banking Sector Data – Q4 2020”.
According to the data, “A total volume of 3,464,811,083 transactions valued at N356.47trillion was recorded in Q4 2020 as data on Electronic Payment Channels in the Nigeria Banking Sector revealed”.
The report said online transfers dominated the volume of transactions recorded.
It added that 2,227,449,949 volume of online transfer transactions valued at N120.27 trillion were recorded in Q4 2020.
The NBS said in the period under review, banks’ credit to the private sector was N20.37 trillion.
It added that “Oil and gas and manufacturing sectors got credit allocation of N3.93 trillion and N3.19 trillion to record the highest credit allocation as at the period under review”.
It explained that as of Q4 2020, the total number of Banks’ staff decreased by -0.90.per cent QoQ from 95,888 in Q3 2020 to 95,026.
This is an indication that 862 staff lost their jobs in the period under review.
The report said: “In terms of credit to the private sector, the total value of credit allocated by the bank stood at N20.37trillion as of Q4 2020”.
