Recent report released by the National Bureau of Statistics for banking sector revealed that a total volume of 3,464,811,083 transactions valued at N356.47trn was recorded in Q4 2020 as data on Electronic Payment Channels in the Nigeria Banking Sector.
Online transfers dominated the volume of transactions recorded. 2,227,449,949 volume of Online Transfer transactions valued at N120.27trn were recorded in Q4 2020.
In terms of credit to the private sector, the total value of credit allocated by the bank stood at N20.37trn as of Q4 2020. Oil & Gas and Manufacturing sectors got credit allocation of N3.93trn and N3.19trn to record the highest credit allocation as at the period under review.
As of Q4 2020, the total number of Banks’ staff decreased by -0.90% Quarter on Quarter from 95,888 in Q3 2020 to 95,026.