Banking Sector: 462m Transactions Done in Q4 2017

• Banking Sector: 462m Transactions Done in Q4 2017

The Nigerian banking sector carried out a total of 461,980,541 transactions in the final quarter of 2017, according to the National Bureau of Statistics.

The transactions valued at N29.44 trillion were recorded by Electronic Payment Channels, with Automated Teller Machine (ATM) dominating the larger volume of the transactions. A total of 239,692,229 transactions valued at N1.833 billion were done via ATM in the quarter.

In terms of credit, the banking sector issued N15.74 trillion worth of credit to the private sector in the fourth quarter. The Oil & Gas sector got the most credit, N3.58 trillion or 22.72 percent of the total credit issued in the quarter, while the manufacturing sector was allocated N2.17 trillion or 13.79 percent in the quarter.

According to the report, N528 million or 3.36 percent of the total credit was issued to the agricultural sector while power and energy got N454 million or 2.88 percent of the total credit issued in the quarter.

The total number of job creation in the banking sector rose by 9.9 percent from 82,840 jobs in the previous quarter to 90,453 jobs in the fourth quarter.