Business Journal


Banks Sack 1, 982 as Profit Margins Decline, E-Payment Transactions Down 2.16%

Adesola Adeduntan


First Bank of Nigeria Limited

Money Deposit Banks (MDBs) operating in Nigeria have sacked a total of 1, 982 staff to save cost of day-to-day operations as their profit margin declines.

A report by the National Bureau of Statistics (NBS) indicates that the staff strength of banks in the first quarter of 2021 stood at 94,681, inclusive of executive, senior, junior, and contract staff. The report states by the second quarter of 2021, the number of staff in banks decreased to 92,780 and further decreased to 92,699 in Q3 2021.

However, the NBS stated that Q4 2021 recorded a staff strength of 93,090, indicating an increase of 0.42%.

The NBS also reported that the volume of e-payment transactions in the country decreased by 2.16% to 2.38 billion in Q4 2021.

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