The value of electronic payment (e-payment) transtions rose year-on-year (YoY) by 325 per cent to N704.04 trillion in 2020 from N165.8 trillion in 2019.
Similarly, the volume of e-payment transactions rose YoY by 142 per cent to 7.16 billion in 2020 from 2.96 billion in 2019.
Vanguard analysis of data from the National Bureau of Statistics (NBS) Selected Banking Sector Report further showed that value of Non Performing Loans (NPLs) ticked up by 16 per cent to N1.23 trillion in 2020 from N1.05 trillion in 2019.
Similarly, banks’ credit to the private sector recorded growth during the period.
Analysis showed that banks’ credit to the private sector grew by 121 per cent to N77.53 trillion in 2020 from N64.11 trillion in 2019.
E-payment transactions rise by 325% to N704 trn in 2020
On
By Elizabeth Adegbesan
The value of electronic payment (e-payment) transtions rose year-on-year (YoY) by 325 per cent to N704.04 trillion in 2020 from N165.8 trillion in 2019.
Similarly, the volume of e-payment transactions rose YoY by 142 per cent to 7.16 billion in 2020 from 2.96 billion in 2019.
Vanguard analysis of data from the National Bureau of Statistics (NBS) Selected Banking Sector Report further showed that value of Non Performing Loans (NPLs) ticked up by 16 per cent to N1.23 trillion in 2020 from N1.05 trillion in 2019.
Similarly, banks’ credit to the private sector recorded growth during the period.
Analysis showed that banks’ credit to the private sector grew by 121 per cent to N77.53 trillion in 2020 from N64.11 trillion in 2019.