ATMs, other e-payment channels declare N29.44trn in Q4 2017-NBS

.DMBs facility to Agric, industry, other hits N15.74trn

Nigerian Bureau of Statistics (NBS) on Monday has disclosed that Automated Teller Machine, (ATM) transactions and other electronic payment channels in the Nigerian banking sector have declared total volume of N462 million transactions, worth N29.44 trillion in the fourth quarter of 2017.

The nation’s statistics office report showed that ATM transactions dominated the volume of electronic payment transactions recorded with 239.7m transactions worth N1.8 trn.

The latest report, also, revealed that the Deposit Money Banks (DMBs) allocated credit worth total sum of N15.74 trn to Agriculture, Industry, and Services in fourth quarter (Q4) of 2017.

The NBS report, which was titled, “Selected Banking Sector Data: Sectorial Breakdown of Credit, e –Payment Channels, and Staff Strength”, showed that the total number of bank staff increased by 9.19 per cent in the fourth quarter.

While considering banking sector credit to the private sector, the report stated that the Oil and Gas and Manufacturing sectors got the highest credit allocations of N3.58 trillion and N2.17 trn, respectively.

This means that there was a decline in facilities allocated to the private sector by banks, while comparing N15.74 trn recorded in the fourth quarter of 2017 from N15.83 trn declared in the preceding quarter in the same year.

NBS report further revealed that industry, mining and quarrying accounted for 0.16 per cent of the total credit worth N25.3 bn, while manufacturing, being the second highest benefactor of the bank credits in the fourth quarter accounted for 13.79 per cent of the total credits.

In fact, Oil and gas; power and energy accounted for 22.72 per cent and 2.88 per cent respectively. The credit allocated to power and energy was worth N 453.9 bn.

Under the services category, construction was allocated 4.17 per cent of the total credit worth over N657 bn and general commerce (Trade) accounted for 6.50 per cent, worth N1.02 trn.

The government received 8.84 per cent of the credit worth N1.4 trn. Real estate was allocated 4.79 per cent worth N753.6bn.

Finance, insurance and the capital market took up 7.15 per cent of the total credit worth N1.13 trn, among other services.