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NBS report shows boom in banking sector as deals climb to 213.69m in Q3

The National Bureau of Statistics (NBS) this week, made public the Selected Banking Sector Data including Sectorial Breakdown of Credit, ePayment Channels, Deposits & Domestic Credit Breakdown and Staff Strength report for the third quarter of  2017.

A report compiled by Brandspur Nigeria showed that a total volume of 213,693,964 transactions valued at N19.33 trn was recorded in Q3 2017 as data on Electronic Payment Channels in the Nigeria Banking Sector revealed.

According to the Statistician General of the Federation and Chief Executive of NBS, Dr. Yemi Kale, “NIBSS Instant Payment (NIP) transactions dominated the volume of transactions recorded. 97,530,856 volume of NIP transactions valued at N13,963bn were recorded in Q3 2017”.

“In terms of credit to private sector, a total of N15.83 trn worth of credit was allocated by the banks in Q3 2017. Oil & Gas and Manufacturing sectors got credit allocation of N3.54trn and N2.27 trn to record the highest credit allocation in the period under review.