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Nigeria’s e-payment channels record N356.47trn transactions in Q4

… as data show 862 bank staff lost jobs in Q4’20

Data on e-payment channels in the Nigerian banking sector reveal that a total volume of 3,464,811,083 transactions valued at N356.47 trillion were recorded in fourth quarter (Q4) 2020, the National Bureau of Statistics (NBS) latest report shows.

BusinessDay check shows that online transfers dominated the volume of transactions recorded in the banking sector as 2,227,449,949 of online transfer transactions valued at N120.27 trillion were recorded in Q4 2020. The volume of online transactions grew by 39.67 percent while the value increased by 19.24 percent.

The volume of online transfer transactions in October was 680,837,930; November (747,664,285), and December 798,947,734; while in October N34.494 trillion worth of online transfer transactions were done in the Nigerian banking sector; November (N39.132trn), and December (N46.645trn).

The banking sector in Q4’20 recorded 5,546,413 cheques transactions valued at N4.219 trillion – the volume grow quarter-on-quarter by 10.72 percent while the value increased by 10.28 percent. Month-on-month (MoM), there were 1,546,352 cheques transactions in October 2020; November (1,941,501), December (2,058,560) – they were valued monthly at N1.128 trillion, N1.460 trillion and N1.630 trillion, respectively.

The record Automated Teller Machine (ATM) transactions in Q4 were 455,259,043 valued at N4.545 trillion. The volume of ATM transactions decreased by 14.11 percent in Q4, while the value in Q4 decreased by 10.06 percent in quarter-on-quarter. In October 2020, there were 151,924,854 ATM transactions; November (158,259,049), December (145,075,140), respectively, valued at N1.486 trillion, N1.553 trillion and N1.505 trillion.

Point of Sale (PoS) transactions in the same Q4 were 214,849,612 valued at N1.516 trillion; while volume of PoS transactions increased by 32.12 percent in the review quarter, the value also rose by 25.49 percent. In October 2020, there were 68,411,116 PoS transactions valued at N460.95 billion; in November there were 68,537,758 PoS transactions valued at N480.55 billion while in December 2020, there were 77,900,738 PoS transactions valued at N574.37 billion.

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The NBS report shows that as of Q4, the total number of banks’ staff decreased by -0.90 percent quarter-on-quarter (QoQ) from 95,888 in Q3 2020 to 95,026. This implies that no fewer than 862 banking staff were out of their jobs in the review period.

Also in terms of credit to the private sector, the total value of credit allocated by the bank stood at N20.37 trillion as of Q4 2020. 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.

Also, the volume of National Electronic Fund Transfer (NEFT) saw 47,257,928 transactions in Q4’2020, valued at N96.088 trillion. The volume of NEFT transactions grew QoQ by 18.41 percent while the value 25.48 percent higher as against the preceding quarter.

In October, there were 12,475,912 transactions through NEFT valued at N30.853 trillion; in November there were 11,108,450 transactions through NEFT valued at N28.952 trillion, while in December 2020, 23,673,566 banking sector transactions valued at N36.281 trillion were done through NEFT.

Looking at the Real-Time Gross Settlement (RTGS) transfers in the review period show 1,473,983 transactions valued at N112.958trillion. The volume of RTGS transfers decreased by quarter-on-quarter by 18.08 percent while value of RTGS transfers decreased by 2.67 percent on quarterly basis.

In October, there were 384,950 RTGS transfers; November (353,669), while in December 2020 the RTGS transfers were 735,364. The value of these RTGS transfers in October was N32.426trillion, November (N37.077trillion), and December N43.455trillion).

Further check shows that the banking sector recorded 145,581,469 USSD transfers in Q4’20 valued at N1.632trillion. The volume of USSD transfers in Q4 was high against the preceding quarter by 9percent while the value increased by 22.64percent quarter-on-quarter.

In October 2020, 43,224,858 USSD transfers worth N605billion were recorded; In November, the USSD transfers were 47,425,591, valued at N476billion while in December there were 54,931,020 USSD transfers worth N551billion.

For the Mobile App Transfers (not Mobile Money), there were 124,163,183 transactions valued at N9.919trillion recorded in Q4’2020, while volume of transactions rose quarter-on-quarter (QoQ) by 10.80percent, the record value of transactions represents an increase of 10.86percent.

In October, 38,072,806 Mobile App Transfers valued at N2.968trillion were recorded; in November there were 39,973,333 Mobile App Transfers worth N3.328trillion while in December 2020 the recorded 46,117,044 Mobile App Transfers were valued at N3.622trillion.

Direct Debit transactions in Q4 were 927,102, valued at N500billion. The volume of Direct Debit increased by 9.14percent, while the value of Direct Debit transaction decreased by 21.12percent QoQ. There were 325,557 Direct Debit transactions in October 2020; 271,149 in November and 330,396 in December –valued at N177billion, N171billion and N152billion respectively.

The Mobile Money Operators (MMOs) recorded 242,302,401 transactions valued at N4.821trillion in Q4’20. The volume grew QoQ by 20.58 percent while value QoQ decreased by 12.14 percent.

In October 2020, MMOs recorded 74,843,927 transactions, November (77,318,921), while in December there were 90,139,553 transactions by Mobile Money Operators –these monthly transactions were valued at N1.387 trillion, N1.50 trillion and N1.934 trillion, respectively.

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