Figures from the National Bureau of Statistics and Central Bank of Nigeria revealed that a total volume of 213,693,964 transactions valued at N19.33 trillion were recorded in Q3 2017 as data on Electronic Payment Channels in the Nigerian banking sector.
According to the report, the NIBSS Instant Payment (NIP) transactions dominated the volume of transactions recorded with 97,530,856 volume of NIP transactions valued at N13,963 billon were recorded in Q3 2017.
In terms of credit to private sector, a total of N15.83 trillion worth of credit was allocated by the banks in Q3 2017.
Also, the oil & gas and manufacturing sectors got credit allocation of N3.54trillion and N2.27 trillion to record the highest credit allocation in the period under review.
As at Q3 2017, the total number of banks staff increased by 9.16% from 75,607 in Q2 2017 to 82,531.
