Oyogist.com has learned that the National Bureau of Statistics (NBS) in its selected banking sector data report estimated N356.47 trillion as the total transactions recorded through Electronic Payment Channels for Quarter (Q4) 2020.
According to the data, the value was recorded from a total volume of 3,464,811,083 transactions in the period under review.
The data said:
“A total volume of 3,464,811,083 transactions valued at N356.47trillion was recorded in Q4 2020 as data on Electronic Payment Channels in the Nigeria Banking Sector revealed”.The report said online transfers dominated the volume of transactions recorded.It added that 2,227,449,949 volume of online transfer transactions valued at N120.27 trillion were recorded in Q4 2020.The NBS said in the period under review, banks’ credit to the private sector was N20.37 trillion.”Oil and gas and manufacturing sectors got credit allocation of N3.93 trillion and N3.19 trillion to record the highest credit allocation as at the period under review. It stated further.
