Record N34 trillion worth of e-payment transactions in Q1

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N34 trillion worth of e-payment transactions recorded in Q1 in Nigeria

A total of 557,083,712 electronic-payment transactions valued at N34.02 trillion were recorded in selected banks across the country in the first quarter of this year, National Bureau of Statistics has said.

NBS said this in a report on Selected Banking Sector Data: Sectorial Breakdown of Credit, ePayment Channels and Staff Strength data posted on its website.

It said Nigeria Inter-Bank Settlement System (NIBSS) Instant Payment (NIP) transactions dominated the volume of transactions recorded with 232,816,102 NIP transactions valued at N24.17 trillion recorded within the period under review.

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The total value of credit allocated by the banks stood at N15.21 trillion as at first quarter 2019.

Oil and Gas and Manufacturing sectors got credit allocation of N3.49 trillion and N2.23 trillion respectively to record the highest credit allocation as at the period under review.

Staffers of the banks increased by 0.33 per cent quarter-on-quarter from 104,669 in fourth quarter, 2018 to 105,017 in first quarter, 2019.

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