Business

Banks Record N356.47trn Electronic Transfers 

National Bureau of Statistics (NBS) said Electronic Payment Channels reached N356.47 trillion in the Fourth Quarter (Q4) 2020.

NBS data titled: “Selected Banking Sector Data – Q4 2020” revealed that the value was recorded from a total volume of 3,464,811,083 transactions in the period under review.

The data said: “A total volume of 3,464,811,083 transactions valued at N356.47trillion was recorded in Q4 2020 as data on Electronic Payment Channels in the Nigeria Banking Sector revealed”.

NBS reported that online transfers dominated the volume of transactions recorded.

It added that 2,227,449,949 volume of online transfer transactions valued at N120.27 trillion were recorded in Q4 2020.

The NBS said banks’ credit to the private sector was N20.37 trillion in the period under review.

According to NBS, “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.”

It added that as of Q4 2020, the total number of Banks’ staff however decreased by -0.90.per cent QoQ from 95,888 in Q3 2020 to 95,026.

This indicated that 862 staff lost their jobs in the period under review.

The report said: “In terms of credit to the private sector, the total value of credit allocated by the bank stood at N20.37trillion as of Q4 2020.”

Meanwhile, the Central Bank of Nigeria (CBN) has published an updated list of International Money Transfer Operators (IMTOs) approved for Diaspora Remittances in the country as at April 1, totalling 57.

The Apex bank published this updated list via its official website yesterday.

The IMTOs listed are: Aftab Currency Exchange Ltd, Nigerian Postal Service, Ria Financial, PayPal Inc., Western Union, Swift Payment Ltd and Worldremit Ltd.

Others on the list are Money Gram, Interswitch Ltd, Paycom Nigeria Ltd, Pagatech Ltd and Flutterwave Technology Solutions Ltd, among others.

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