E-payment Transactions Rise By Over 300% In 2020

The value of electronic payment transitions rose to N704.04 trillion at the end of 2020.

This is a year-on-year increase of 325 percent from N165.8 trillion in 2019.

Also, the volume of e-payment transactions rose YoY by 142 percent to 7.16 billion in 2020 from 2.96 billion in 2019.

Analysis of data from the National Bureau of Statistics (NBS) Selected Banking Sector Report showed that value of Non Performing Loans (NPLs) ticked up by 16 per cent to N1.23 trillion in 2020 from N1.05 trillion in 2019.

Banks’ credit to the private sector recorded growth of 121 percent during the period.

Banks’ credit to the private sector to N77.53 trillion in 2020 from N64.11 trillion in 2019.

According to the report on Banking Sector Report, the NBS stated:”A total volume of 3,464,811,083 transactions valued at N356.47 trillion 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 N120.27 trillion were recorded in Q4’20.

“In terms of credit to the private sector, the total value of credit allocated by the bank stood at N20.37 trillion as of Q4’20.

“Oil & Gas and Manufacturing sectors got credit allocation of N3.93 trillion and N3.19 trillion 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.”