E-Payment Transactions Rise By 325% To N704trn

The value of electronic payment (e-payment) transactions rose year-on-year (YoY) by 325 per cent to N704.04trillion in 2020 from N165.8trillion in 2019.
Similarly, the volume of e-payment transactions rose YoY by 142 per cent to 7.16billion in 2020 from 2.96billion in 2019.
Analysis of data from the National Bureau of Statistics (NBS) Selected Banking Sector Report further showed that value of Non-Performing Loans (NPLs) ticked up by 16 per cent to N1.23trillion in 2020 from N1.05trillion in 2019.
Similarly, banks’ credit to the private sector recorded growth during the period.
Analysis showed that banks’ credit to the private sector grew by 121 per cent to N77.53trillion in 2020 from N64.11trillion in 2019.
In its latest Banking Sector Report, the NBS stated, “A total volume of 3,464,811,083 transactions valued at N356.47trillion was recorded in the fourth quarter of last year (Q4’20) as data on Electronic Payment Channels in the Nigeria Banking Sector revealed.
“Online transfers dominated the volume of transactions recorded. 2,227,449,949 volume of Online Transfer transactions valued at N120.27trillion were recorded in Q4’20.
“In terms of credit to the private sector, the total value of credit allocated by the bank stood at N20.37trillion as of Q4’20.
“Oil & Gas and Manufacturing sectors got credit allocation of N3.93trillion and N3.19trillion to record the highest credit allocation as at the period under review.
“As of Q4’20, the total number of Banks’ staff decreased by -0.90 percent quarter-on-quarter (QoQ) from 95,888 in Q3 2020 to 95,026.”