From Isaac Anumihe, Abuja
National Bureau of Statistics (NBS) yesterday, reported that RTGS transfers dominated the volume of transactions as 1,799,199 numbers of online transfer transactions valued at N116.06 trillion were recorded in Q3, 2020.
RTGS payment method or Real Time Gross Settlement is a way of fund transfer that allows money sent by the remitter to immediately reach the beneficiary/payee as and when request is received. It is done on a real-time basis and the beneficiary receives the money within 30 minutes of the request.
In terms of credit to the private sector, NBS said that the total value of credit allocated by the bank stood at N19.87 trillion as of Q3, 2020. Oil & Gas and Manufacturing sectors got credit allocation of N3.74 trillion and N3.03 trillion to record the highest credit allocation as at the period under review.
Lagos State, according to the bureau, recorded the highest credit by geographical distribution with N15.13 trillion, accounting for 77.74 per cent of the total credit by geographical distribution while Yobe State recorded the least with N19.38 billion, accounting for 0.09 per cent in Q3 2020.
A total volume of 2,781,526,188 transactions valued at N319.99 trillion was recorded in Q3 2020 as data on Electronic Payment Channels in the Nigeria Banking Sector revealed.
As of Q3 2020, the total number of Deposit Money Banks’ staff increased by 1.47 per cent QoQ from 94,498 in Q2 2020 to 95,888.
Geographical Distribution of Credit by state stood at N19.46 trillion compared to N18.90 trillion in Q2 2020 and N16.62 trillion in Q3 2019. This represents 2.96 per cent increase in credit Quarter on Quarter and 17.11 per cent year on year.
In the Q2, 2020, the NBS data had revealed that total Geographical Distribution of Credit by state stood at N18.90 trillion compared to N18.56 trillion in Q1 2020 and N15.44 trillion in Q2 2019. This represents 1.82 per cent increase in credit Quarter on Quarter and 22.38 per cent Year on Year. Lagos State recorded the highest credit by geographical distribution with N14.92 trillion accounting for 78.94 per cent while Yobe State recorded the least with N13.8 billion accounting for 0.07 per cent in Q2 2020.