A total volume of 3.46 billion transactions valued at N356.47tn were recorded in the fourth quarter of 2020 as data on electronic payment channels in the Nigeria banking sector. Online transfers dominated the volume of transactions recorded, it stated. The NBS stated that 2.23 billion volume of online transfer transactions valued at N120.27tn were recorded in Q4 2020. In terms of credit to the private sector, the total value of credit allocated by the bank stood at N20.37tn as of Q4 2020. As of Q4 2020, the total number of banks’ staff decreased by -0.90 per cent QoQ from 95,888 in Q3, 2020 to 95,026.

Source: Punch April 25, 2021 23:15 UTC