• Thursday, March 28, 2024
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Banking Sector Credit to Private Sector grows 5.76% N17trln

Banking sector
The total value of credit allocated by the bank stood at N17.19trn as at Q4 2019 from N16.3 trillion in the third quarter of 2019.
The breakdown of the sectoral credit shows that Oil & Gas and Manufacturing sectors got credit allocation of N3.42trn and N2.62trn to record the highest credit allocation as at the period under review.
A total volume of 893,681,888 transactions valued at N48.54trn were recorded in Q4 2019 as data on Electronic Payment Channels in the Nigeria Banking Sector revealed.
NIBSS Instant Payments (NIP) transactions dominated the volume of transactions recorded. 342,636,006 volume of NIP transactions valued at N29.69trn were recorded in Q4 2019.
As at Q4 2019, the total number of banks’ staff increased by 2.14% QoQ from 101,435 in Q3 2019 to 103,610.

 

Hope Moses-Ashike