Electronic payment channels transactions hit N19.33trn in Q3- NBS
The National Bureau of Statistics (NBS) has disclosed that a total volume of 213,693,964 transactions valued at N19.33 trillion were recorded in third quarter of 2017 data on Electronic Payment Channels in the Nigeria Banking Sector.
The NBS report, stated that Nigeria Inter-Bank Settlement System (NIBSS) Instant Payment (NIP) transactions dominated the volume of transactions recorded. 97,530,856 volumes of NIP transactions valued at N13.963 billion were recorded in third quarter of 2017.
Volume of transactions recorded on Automated Teller Machine (ATM) valued at N514bn in third quarter of 2017.
Also, the statistics office puts banking sector credit to private sector at an increased rate of 0.7 per cent to N15.83trn in third quarter ended September 30, 2017.
In the second quarter of 2017, the bureau had disclosed that banking sector to private sector was at N15.71trn and N16trn in first quarter of 2017.
The Bureau in its latest report on ‘Sectorial Breakdown of Credit, ePayment Channels, Deposits & Domestic Credit Breakdown and Staff Strength’, said banks were lending to Agriculture, Industry and Services sectors.
From NBS report, Banks lending to Agriculture sector continued to drop, while banking investment in the Oil & Gas increased significantly this year.
According to NBS report that was released on Wednesday, banking sector credit to agricultural sector dropped by 1.9 per cent to N491.5bn in third quarter of 2017 from N501.1bn reported in second of 2017.
Also, banking sector credit to the power sector (industry) slump by 1.5 per cent to N459bn in third quarter of 2017 as against N466bn in second quarter of 2016 while banking sector credit the Power sector (Services) dropped by 1.75 per cent to N296.87bn from N302.18bn in the second quarter of 2017.
Banking sector lending to the Oil & Gas sector (services and Industry) hits N4.68 trillion as global oil prices continued to recovery in 2017.
The Bureau stated that banking sector credit to the Oil & Gas industry sector was at N3.54trn in third quarter of 2017 from N3.5trn in second quarter of 2016 while Oil & Gas services rose by 4.7 per cent to N1.14trn from N1.09trn in the second quarter of 2017.
The report by NBS said, “Oil & Gas and Manufacturing sectors got credit allocation of N3.54trn and N2.27trn to record the highest credit allocation in the period under review
Stories by Motolani Oseni
