The National Bureau of Statistics (NBS) on Wednesday released the banking sector report which showed that credit to the private sector rose by 1.79 percent to N18.82 trillion in the second quarter of 2020 from N18.5 trillion in the corresponding quarter of 2019.
Sector allocation of credit by banks revealed that oil & gas and manufacturing sectors got credit allocation of N3.62 trn and N3.07 trn to record the highest credit allocation as at the period under review.
As at Q2 2020, the total number of banks’ staff decreased by -2.55% from 96,975 in Q12020 to 94,498.
A total volume of 2,160,436,659 transactions valued at N263.78 trillion were recorded in Q2 2020 as data on electronic payment channels in the Nigeria banking sector revealed. Online transfer transactions dominated the volume of transactions recorded. 1,317,621,686 volume of online transfer actions valued at N72.25 trn were recorded in Q2 2020.
Hope Moses-Ashike
Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks.
She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings.
Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa.
