Electronic payments hit N42.76trn in Q3-NBS

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The banking sector recorded 800,201,498 volume of transactions valued at N42.76trillion through Electronic Payment Channels in the country within the third quarter period ended September 30, 2019.

This was contained in the latest report on the sector released by the National Bureau of Statistics (NBS).

The NBS in the report stated that Nigerian Interbank Settlement System Instant Payments (NIP) transactions dominated the volume of transactions, accounting for 298,988,572 of the volume valued at N26.18 trillion.

While payments through cheques recorded the second-highest volume of transactions 1, 922,670 valued at N1.10 trillion, Automated Teller Machine (ATMs) transactions recorded a total of 212,826,437 transactions estimated at N1.62 trillion to emerge the second-highest channel by value of transactions, followed by payments via mobile payments recorded 113,067,332 transactions worth N1.43 trillion during the period under review.

In terms of credit to private sector, the report put the total value of credit allocated by banks at N16.25tn as of the end of the third quarter with the oil and gas and manufacturing sectors taking N3.39 trillion and N2.57 trillion, representing 20.84 per cent and 15.78 per cent respectively, to record the highest credit allocation during the period in focus.

A further breakdown of the figures showed that General Services got N1.38 trillion, representing an 8.48 per cent, while credit to Government stood at N1.35 trillion, representing 8.30 per cent of the total banking credit to the private sector.

According to the report, Finance, insurance and capital market gulped N1.11 trillion, representing 6.82 per cent, and Trade & General Commerce received N1.10 trillion, representing 6.76 per cent of the total credit.

The NBS further noted that the Information and Communication sector, Agricultural sector and power & Energy sector got N811.14 billion, N673.19 billion and N345.70 billion, while Mining & Quarrying received the lowest at N11.42 billion.

On the number of employees in the banking sector, the report stated that the total number of banks staff decreased by 2.81 per cent from 104,364 in the second quarter to 101,435 workers, with 186 Executive Staff, 17,671 Senior Staff, 40,398 Junior Staff and Contract 43,180 Contract Staff respectively.

However, in Wednesday’s trading, the naira appreciated by 0.03per  against the dollar to N362.61 as against the dollar at the Investors & Exporters (I&E) foreign exchange market but was flat at N360.00 against the dollar at the parallel market.

The overnight lending rate pared marginally by 29basis points to 3.71per cent, on account of significant system liquidity which is estimated at N340.14 million.

Activities in the Treasury bills market were bullish, as the average yield dipped by 17basis points to 7.29per cent. Yields contracted at the short (-25bps), mid (-1bp) and long (- 23bps) segments of curve, following buying interest in the 29DTM (-124bps), 148DTM (-4bps) and 225DTM (- 99bps) instruments, respectively. Yields on OMO bills were flat.

Similarly, trading in the Treasury bonds market was bullish, as the average yield pared by 12bps to 11.74%. Buying interests in the FEB-2020 (-43bps), FEB-2028 (-16bps) and JUL-2030 (-13bps) bonds, led to respective yields contraction across the short (- 18bps), mid (-13bps) and long (-6bps) segments of the curve.

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