WED, APRIL 01 2020-theG&BJournal- The banking sector credit allocation to the private sector grew to N17.19trn as at Q4 2019 from N16.25 trn recorded in Q3 2019, according to latest data published today by National Bureau of Statistics (NBS).
Across board, transactions and allocation increased when compared to the Q3 2019 data.
According to the NBS, a total volume of 893,681,888 transactions valued at N48.54trn were recorded in Q4 2019 as data on Electronic Payment Channels in the Nigeria Banking Sector, up against the Q3 data which recorded transactions valued N42.76trn through 800,201,498 transactions.
The NIBSS Instant Payments (NIP) transactions again dominated the volume of transactions recorded.
342,636,006 volume of NIP transactions valued at N29.69trn were recorded in Q4 2019, up again, when compared to Q3 2019 with volume and value at 298,988,572 and N26.18trn respectively.
The oil & gas sectors got credit allocation of N3.42trn up from N3.39 trn while the manufacturing sector received N2.62trn in Q4 2019 as against N2.57 trn received in Q3 of 2019.
The banking sector also increased their work force within the period under review by 2.14% QoQ from 101,435 in Q3 2019 to 103,610 in Q4 2019.
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