E-payment transactions rise by 325% to N704trn in 2020
On
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.
E-payment transactions rise 21% to N320trn in Q3’20
On
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.