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Nigerian banks record N1.6trn ATM transactions in three months

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The National Bureau of Statistics (NBS) has revealed that transactions valued at N1.6 trillion were recorded in Q2 2018 by banks operating in Nigeria via the Automated Teller Machine (ATM).

In terms of volume, a total of 217.4 million transactions were carried out at various ATM points across the country in the period under review.

According to the Sectorial Breakdown of Credit, e-Payment Channels and Staff Strength report released by the stats office, a total volume of 509,7 million transactions valued at N32.90 trillion were recorded in Q2 2018 as data on Electronic Payment Channels in the Nigeria Banking Sector.

An analysis of the report by Business Post showed that a total of 2.3 million transactions worth N1.3 trillion were carried out via cheques, while POS recorded 67.2 million transactions valued at N543.6 billion.

It was also gathered from the report that 9.8 million deals worth N53.3 billion were recorded using the web, while mobile payments had 20.7 million transactions valued at N410.6 billion.

Also, NIP had 168.6 million transactions worth N19.1 trillion, NEFT had 8.8 million transactions valued at N3.6 trillion, mCash recorded 60,172 transactions worth N396.2 million, while e-Bills Pay posted 267,949 transactions worth N130.7 billion.

In addition, 9.3 million transactions valued at N4 trillion went through the Remita platform, while about 5 million transactions valued at N2.2 trillion were executed via NAPS, with Central Pay recording 217,524 transactions worth N1.8 billion.

In terms of credit to private sector, the total value of credit allocated by the bank stood at N15.34 trillion as at Q2 2018.

Oil & Gas and Manufacturing sectors got credit allocation of N3.45 trillion and N2.02 trillion to record the highest credit allocation as at the period under review.

As at Q2, 2018, the total number of banks’ staffs increased by 13.67 percent quarter-on-quarter from 89,608 in Q1 2018 to 101,861.

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