Emeka Okoroanyanwu
Nigerian banks have recorded a total of N263.78 trillion transactions through the electronic payment channels in the second quarter of 2020, said the Nigerian Bureau of Statistics (NBS). This was accomplished with a transaction volume totalling 2,160,436,659.
In the report, NBS said online transfer transactions dominated electronic payments with N72.25 trillion with 1,317,621,686 in volume of transactions while the value of cheque transactions stood at N2.29 trillion and NEFT transfers accounted for N59.55 trillion.
Transactions via Automated Teller Machines (ATMs) amounted to N37.44 trillion while Point of Sale (PoS) transactions stood at N999.91 billion.
According to the NBS, mobile app transfers amounted to N6.92 trillion, while USSD transfers totaled N1.04 trillion. The banking industry credit to the private sector stood at N18.82 trillion in Q2 compared to N18.49 trillion in Q1 with oil and gas and manufacturing sectors accounting for the highest allocation of N3.62 trillion and N3.07 trillion respectively in Q2.
Total credit to agriculture stood at N903.70 billion compared to N853.27 billion in the preceding quarter while the banking sector gross loans stood at N18.90 trillion, Non -Performing Loans (NPLs) stood at N1.21 trillion as against gross loans of N18.56 trillion and NPLs of N1.18 trillion in Q1.