A total volume of 327,366,042 transactions valued at N19.78 trillion were recorded in the three months of April through June 2017 as data on Electronic Payment Channels in the Nigeria Banking Sector revealed. 187, 805,431 Transactions in were ATM Payment Option that had the highest Volume of Transaction and the 3rd by Value.
N13.36 trillion Transaction Value in Q2 – NIBSS Instant Payment Option Had the highest value of transaction and 2nd by Volume. According to data released by National Bureau of Statistics weekend, transactions through point of sale POS has a total transaction of 32,774,732 valued N324 billion making it the third most used channel in terms of volume and 5th in value. It was followed by Mobile pay that had a total transaction volume of 11, 559,108 with cash value ofN295 billion. This was followed by payment through the internet WEB, with a transaction volume of 5,965,106 with a monetary value of 37 billion in the three months under consideration. NEFT had a volume of 5,791,034 valued at N2.915 trillion. On the other hand 2,647,497 transactions were done through cheques payment which total N1.302 trillion.
During the period ATM transactions dominated the volume of transactions recorded. 187, 805, 431 volume of ATM transactions valued at N1.54 trn were recorded in Q2 2017. NBS said “In terms of credit to private sector, a total of N15.71 trillion worth of credit was allocated by the banks in the second quarter of 2017. Oil & Gas and Manufacturing sectors got credit allocation of N3.53 trillion and N2.22 trillion to record the highest credit allocation in the period under review”. It said that as at June, 2017, the total number of banks’ staffs increased to 77,690 from 75,607 in March 2017.
