Electronic payments processed by Nigerian banks in the fourth quarter of 2020 was N356.47 trillion, the National Bureau of Statistics (NBS) disclosed this in its latest report.
This represents 11.4 percent quarter-on-quarter growth in the value of transactions as Nigerian banks processed electronic payments worth N319.99 trillion in the third quarter of 2020.
The report entitled ‘Selected banking sector data: Sectoral breakdown of credit, payments and staff strength.’ stated that the total volume of transaction in the fourth quarter was 3.46 billion.
The data showed that online transfers dominated the transactions as 2.23 trillion electronic transactions valued at N120.27 trillion were processed in the banking sector in Q4 2020.
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Other types of payments assessed by the NBS include USSD, ATM payments, Cheques, PoS, NEFT Transfers, RTGS, Mobile app, direct debits, MMOs.
In terms of credit to the private sector, the total value of credit allocated by the bank stood at N20.37tn as of Q4 2020.
Oil and gas and manufacturing sectors got credit allocation of N3.93tn and N3.19tn 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 per cent QoQ from 95,888 in Q3, 2020 to 95,026.
