Cashless economy picks up as N32.9trn electronic payment recorded in 3 months

total volume of 509,668,433 transactions valued at N32.90 trillion were recorded in between April and June 2018 2018 as data on Electronic Payment Channels in the Nigeria Banking Sector revealed. Automated Teller Machine (ATM) transactions dominated the volume of transactions recorded. According to data released by the National Bureau of Statistics, 217,417,961 volume of ATM transactions valued at N1. 603 trillion were recorded in the period. The NBS said “in terms of credit to private sector, the total value of credit allocated by the bank stood at N15.34 trillion as at Q2 2018. Oil & Gas and Manufacturing sectors got credit allocation of N3.45 trillion and N2.02 trillion to record the highest credit allocation as at the period under review. 

NBS further stated that “as at Q2, 2018, the total number of banks staffs increased by 13.67 per  quarter on quarter from 89,608 in Q1 2018 to 101,861. The NBS made this known  in its “Selected Banking Sector Data: Sectorial Breakdown of Credit, ePayment Channels and Staff Strength (Q2 2018)’’ report released in Abuja. According to the report, Automated Teller Machine (ATM) transactions dominated the volume of transactions recorded. It said 217,417,961 volume of ATM transactions valued at N1.6 trillion was recorded in the period under review.

“In terms of credit to private sector, the total value of credit allocated by the bank stood at N15.34trillion as at the second quarter. Oil and Gas and Manufacturing sectors got credit allocation of N3.45trillion and N2.02trillion to record the highest credit allocation as at the period under review. As at the second quarter, the total number of banks staff increased by 13.67 per cent, from 89,608 in first quarter to 101,861,’’ the report stated.