Despite Downturn, Banks Processed 2.78 Billion Transactions Worth N319trn-NBS

The Nigerian banking sector processed 2.78 billion financial transactions valued at N319.99trn in the third quarter of 2020, despite being hit by the impact of recession.

The National Bureau of Statistics stated this in its third quarter Sectorial Breakdown of Credit, ePayment Channels and Staff Strength of the banking sector.

The NBS said Real Time Gross Settlement transfers dominated the volume of transactions recorded during the period.

It put the volume of online transfers alone at  1.79 million transactions valued at N116.06trn.

In terms of credit allocation, the NBS noted that the banks allocated N19.87trn to the private sector.

The Bureau noted that the oil and gas sector received a total credit of N3.74trn, while the manufacturing sector received credit amounting to N3trn in the three months period.

It added that the insurance sector got credit of N1.4trn, while General Services received a total credit of N1.67trn.

It said Banks’ distribution of credit by states rose 17.11 per cent to N19.46trn, from the N16.62trn recorded in the third quarter of 2019.

According to the Bureau, 77.74 per cent of the credit which was  N15.13trn were distributed to Lagos State, making it the highest credit received by any state in the country.

NBS also said Yobe State was the state with the least credit at N19.38bn which accounts for 0.09 per cent in the third quarter of this year.