The National Bureau of Statistics (NBS) says a total of 509,668,433 transactions valued at N32.90 trillion was recorded in the banking sector during the second quarter.
The NBS stated this in its “Selected Banking Sector Data: Sectorial Breakdown of Credit, ePayment Channels and Staff Strength (Q2 2018)’’ report released in Abuja.
“According to the report, Automated Teller Machine (ATM) transactions dominated the volume of transactions recorded. It said 217,417,961 volume of ATM transactions valued at N1.603 billion was recorded in the period under reveal’’. Customers want to carry out transactions through the fastest possible means and that's why there is an upsurge in ATM usage.
“In terms of credit to private sector, the total value of credit allocated by the banks stood at N15.34 trillion as at the second quarter. “Oil and Gas and Manufacturing sectors got credit allocation of N3.45 trillion and N2.02 trillion respectively to record the highest credit allocation as at the period under review’’. When oil prices hit an all time low of about $30/barrel, banks were sceptical about lending to Oil and Gas sector because they lost a lot of money. Now prices are up to $74/barrel, banks are more confident in the sector, thus improved lending.
“As at the second quarter, the total number of banks staff increased by 13.67per cent, from 89,608 in first quarter to 101,861,” the report stated. (NAN). Lots of banks conducted a graduate trainee program in Q2. Some are currently doing so. The staff strength figures to increase further in Q3.
The NBS stated this in its “Selected Banking Sector Data: Sectorial Breakdown of Credit, ePayment Channels and Staff Strength (Q2 2018)’’ report released in Abuja.
“According to the report, Automated Teller Machine (ATM) transactions dominated the volume of transactions recorded. It said 217,417,961 volume of ATM transactions valued at N1.603 billion was recorded in the period under reveal’’. Customers want to carry out transactions through the fastest possible means and that's why there is an upsurge in ATM usage.
“In terms of credit to private sector, the total value of credit allocated by the banks stood at N15.34 trillion as at the second quarter. “Oil and Gas and Manufacturing sectors got credit allocation of N3.45 trillion and N2.02 trillion respectively to record the highest credit allocation as at the period under review’’. When oil prices hit an all time low of about $30/barrel, banks were sceptical about lending to Oil and Gas sector because they lost a lot of money. Now prices are up to $74/barrel, banks are more confident in the sector, thus improved lending.
“As at the second quarter, the total number of banks staff increased by 13.67per cent, from 89,608 in first quarter to 101,861,” the report stated. (NAN). Lots of banks conducted a graduate trainee program in Q2. Some are currently doing so. The staff strength figures to increase further in Q3.
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