Banks Recorded N42.7tn Electronic Transactions In Three Months —NBS

The banking sector recorded 800,201,498 volume of transactions valued at N42.76tn within the third quarter of this year.

The figure is contained in the banking sector report which was released by the National Bureau of Statistics on Tuesday.

The NBS in the report stated that Nigerian Interbank Settlement System Instant Payments transactions dominated the volume of transactions recorded.

It said about 298,988,572 volume of NIP transactions valued at N26.18tn were recorded in the third quarter.

In terms of credit to private sector, the report put the total value of credit allocated by the bank at N16.25tn as of the end of the third quarter.

The report stated that oil and gas and manufacturing sectors got credit allocation of N3.39trn and N2.57trn to record the highest credit allocation during the period under review

In terms of the number of employees in the banking sector, the report stated that the total number of banks staff decreased by 2.81 per cent from 104,364 in the second quarter to 101,435 workers.