ATM transactions dominate banking activities for Q1

Mazino Dickson, Abuja

Figures released by the National Bureau of Statistics (NBS) showed that ATM transactions dominated the volume of banking transactions with 179, 000, 000 volume of ATM transactions valued at N1.50trn recorded in the first quarter (Q1) of 2017.

ATM transactions also ranked third by value, with N13.13trn recorded in the Q1.

NIBSS Instant Payment Option Had the highest value of transaction and 2nd by Volume.

A total volume of 304,307,931 transactions valued at N22.01trn were recorded in Q1 2017

Credit

In terms of credit to the private sector, a total of N16.00trn worth of credit was allocated by the banks in Q1 2017.

Services and Industry got credit allocation of N9.25trn and N6.19trn to record the highest credit allocation in the period under review.

As at Q1, 2017, the total number of banks’ staffs increased from 76,812 in Q4 2016 to 77,690 in Q1 2017.

The latest figures show growing domestic confidence in the economy buoyed by the lifting of foreign exchange restrictions by the Central Bank of Nigeria (CBN), a steady rise in crude oil prices on the global market, and focus on increased infrastructural spending as indicated by the estimates of the 2017 budget.