By James Emejo
A total volume of 3,464,811,083 transactions worth N356.47 trillion was recorded on electronic payment channels in the fourth quarter of 2020 (Q4 2020), the National Bureau of Statistics (NBS), stated yesterday.
Also, banking sector’s non-performing loan portfolio increased by 15.69 per cent to N1.23 trillion with gross loans of about N20.48 trillion in Q4 compared to N1.17 trillion and gross loans of N19.46 trillion in Q3.
According to the ‘Selected Banking Sector Data: Sectorial Breakdown of Credit, e-Payment Channels and Staff Strength (Q4 2020)’ report, posted on the NBS website, online transfers dominated the volume of transactions with over 2.23 billion deals valued at N120.27 trillion in the review period.
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This is 2.5 percent higher than credit disbursed to the private sector in Q3 2020.
According to the report titled, ‘Selected Banking Sector Data: Sectorial Breakdown of Credit, ePayment Channels and Staff Strength (Q4 2020)’, released on Sunday, NBS noted that the oil and gas sector received the highest credit allocation of N3.93 trillion followed by N3.19 trillion received by the manufacturing sector.
This represents 19.3 and 15.7 percent increase respectively when compared to the third quarter of 2020 (Q3).
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“In terms of credit to the private sector, the total value of credit allocated by the bank stood at N20.37trn as of Q4 2020,” the report said.
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E-payment transactions rise 21% to N320trn in Q3’20
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By Elizabeth Adegbesan
MONEY MARKET
Adoption of cashless financial transactions have hit a new height in Nigeria as the value of electronic transactions rose by 21 percent to N319.99 trillion in the third quarter of the year (Q3’20) from N263.8 trillion in Q2’20.
Meanwhile, in the same period commercial banks’ credit to private sector stood at N19.9 trillion rising by five percent when compared to M18.8 trillion credit in Q2’20.
In its Selected Banking Sector Data for Q3’20 the National Bureau of Statistics, NBS, stated: “A total volume of 2.78 billion transactions valued at N319.9 trillion was recorded in Q3’20 as data on Electronic Payment Channels in the Nigeria banking sector revealed.
N319 99trn electronic payments recorded in Q3 2020 —NBS punchng.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from punchng.com Daily Mail and Mail on Sunday newspapers.