THUR, SEPT 10, 2020-theG&BJournal-The Oil and Gas and Manufacturing sectors got credit allocation of N3.62trn and N3.07trn respectively to record the highest credit allocation in Q2 2020.
The total value of credit allocated by the bank to the private sector stood at N18.82trn as at Q2 2020, slightly more than Q1 allocation of N18,48 trillion (q-on-q growth of 1.79%), according to the National Bureau of Statistics (NBS) in their latest data publication- Selected Banking Sector Data: Sectorial Breakdown of Credit, ePayment Channels and Staff Strength.
The agric sector got 4.80% of total credit amounting to N903,704.06 billion while the contentious power and energy sector received inflows of N N317,079.21 billion – 2.10% to total credit.
Meanwhile, the NBS reports that a total volume of 2,160,436,659 transactions valued at N263.78trn were recorded in Q2 2020 as data on Electronic Payment Channels in the Nigeria Banking Sector revealed.
Online Transfer transactions dominated the volume of transactions recorded. 1,317,621,686 volume of Online Transfer transactions valued at N72.25trn were recorded in Q2 2020.
As at Q2 2020, the total number of banks’ staff decreased by -2.55% QoQ from 96,975 in Q1 2020 to 94,498.
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