Vanguard News
ATM transactions decline by N67bn in Q4’20
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The value of Automated Teller Machine (ATM) transactions, on quarterly basis dropped by N67 billion to N4.82 trillion in the fourth quarter of last year (Q4’20) from N5.49 trillion in the previous quarter, Q3’20.
However, the volume of transactions rose by 21 percent to 242.3 million in Q4’20 from 200.94 million in Q3’20.
Stakeholders in the banking sector have attributed the decline to impairment in income, loss of job, problems due to the negative impact of COVID’19 pandemic, recession and problems associated with ATM terminals cash dispenser error.
But further analysis of data from the National Bureau of Statistics, NBS’ Selected Banking Sector Report showed that on yearly basis, value of ATM transactions grew by 192 percent to N4.82 trillion in Q4’20 from N1.65 trillion in Q4’19.
E-payment transactions rise by 325% to N704trn in 2020
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By Elizabeth Adegbesan
ECONOMY
The value of electronic payment transactions rose year-on-year (YoY) by 325 per cent to N704.04 trillion in 2020 from N165.8 trillion in 2019, just as the volume of e-payment transactions rose YoY by 142 percent to 7.16 billion in 2020 from 2.96 billion in 2019.
This development appears to have been spurred by COVID-19 environment which compelled less physical interaction in business and other relationships in 2020.
Data just released by the National Bureau of Statistics (NBS) titled, ‘‘Selected Banking Sector Report’’, further showed that value of Non Performing Loans (NPLs) ticked up by 16 percent to N1.23 trillion in 2020 from N1.05 trillion in 2019.
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.