Finance & Economy

Banking Sector Records 2.16bn Volume of Transaction in Q2 2020 – NBS

Total volume of 2,160,436,659 transactions valued at N263.78tn were recorded in the first six months of 2020 as data on electronic payment channels in the Nigeria banking sector show.

The National Bureau of Statistics (NBS) disclosed this in its ‘Selected banking sector data’ report for the second quarter which was released on Wednesday.

In the report, online transfer transactions dominated the volume of transactions recorded.

The NBS disclosed that 1,317,621,686 volume of online transfer transactions valued at N72.25tn were recorded in Q2 2020.

In terms of credit to private sector, the total value of credit allocated by the bank stood at N18.82tn as of Q2 2020.

Oil and gas and manufacturing sectors got credit allocation of N3.62tn and N3.07tn to record the highest credit allocation as at the period under review.

As of Q2 2020, the total number of banks’ staff decreased by 2.55 per cent quarter on quarter from 96,975 in Q1 2020 to 94,498.

The NBS also disclosed that banks’ non-performing loans stood at N1.2tn as of the end of June, amounting to 6.4 per cent of the gross credit of the banks to the economy

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