Banks Record N263.78tn Electronic Payment Transactions

The total value of transactions through electronic payment channels recorded in the second quarter of 2020 stood at N263.78 trillion with a transaction volume of 2,160,436,659 , according to the NBS, in its report released yesterday.

The report was titled: ‘Selected Banking Sector Data: Sectorial Breakdown of Credit, e-Payment Channels and Staff Strength (Q2 2020)’.

According to the report, online transfer transactions dominated electronic payments with N72.25 trillion with 1,317,621,686 in volume of transactions.

The value of cheque transactions stood at N2.29 trillion while NEFT transfers accounted for N59.55 trillion.

Transactions via Automated Teller Machines (ATMs) amounted to N37.44 trillion while Point of Sale (PoS) transactions stood at N999.91 billion.

According to the NBS, mobile app transfers amounted to N6.92 trillion, while USSD transfers totaled N1.04 trillion.

According to the NBS, the banking industry credit to the private sector stood at N18.82 trillion in Q2 compared to N18.49 trillion in Q1 with oil and gas and manufacturing sectors accounting for the highest allocation of N3.62 trillion and N3.07 trillion respectively in Q2.

Total credit to agriculture stood at N903.70 billion compared to N853.27 billion in the preceding quarter.

While the banking sector gross loans stood at N18.90

trillion, Non -Performing Loans (NPLs) stood at N1.21 trillion as against gross loans of N18.56 trillion and NPLs of N1.18 trillion in Q1.

The total staff strength of the Deposit Money Banks (DMBs) was estimated at 94,498 staff.

the same regime promised to fix refineries but has reneged.

Secondus also said it was laughable that the government and its enablers gathered together at the Villa on Tuesday to “clap for themselves” over unverifiable claims of achievements.

But the APC in a statement signed by the Deputy National Publicity Secretary, Mr. Yekini Nabena, said the PDP and Atiku were being hypocritical in their assessment of issues relating to the increase.

Nabena said: “The PDP and Atiku’s reactions to what has been adjudged inevitability by many experts clearly depict the height of hypocrisy demonstrated by them on many issues relating to the progress and wellbeing of Nigeria.

“The PDP’s outburst indeed exposes once again its real fraudulent character and plot to patronise Nigerians and make them suffer in perpetuity by keeping a fraudulent subsidy arrangement that feeds a few individuals at the expense of the masses.”