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E-payment transactions rise by 325% to N704 trn in 2020

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E-payment transactions rise by 325% to N704 trn in 2020

E-payment transactions rise by 325% to N704 trn in 2020

As NPLs tickup 16%

By Elizabeth Adegbesan

The value of electronic payment (e-payment) transtions rose year-on-year (YoY) by 325 per cent to N704.04 trillion in 2020 from N165.8 trillion in 2019.

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

Vanguard 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 N1.23 trillion in 2020 from N1.05 trillion 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 N77.53 trillion in 2020 from N64.11 trillion in 2019.

ALSO READ: Economy loses $900bn credit, private sector stagnates at N30trn

In its latest 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.”

Vanguard News Nigeria 

The post E-payment transactions rise by 325% to N704 trn in 2020 appeared first on Vanguard News.

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