Nigerian banks record 461.9m transactions in Q4 2017 – NBS

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Yemi Kale

Nigerian Banks recorded a total volume of 461,980,541 transactions valued at N29.44 trillion in fourth quarter of 2017, according to the National Bureau of Statistics (NBS).

The NBS stated this in a report “Selected Banking Sector Data: Sectorial Breakdown of Credit, e-Payment Channels and Staff Strength’’ posted on its website.

The bureau stated that Automated Teller Machine (ATM) transactions dominated the volume of transactions recorded.

It stated that 239,692,229 volumes of ATM transactions valued at N1.833 billion were recorded in the quarter under review.

In terms of credit to private sector, the report stated that a total of N15.74 trillion worth of credit was allocated by the banks in the quarter.

The report stated that Oil and Gas and Manufacturing sectors got credit allocation of N3.58 trillion and N2.17 trillion to record the highest credit allocation in the period under review.

It stated that the total number of banks staff increased by 9.19 per cent from 82,840 in third quarter, 2017 to 90,453 in the fourth quarter.