Electronic payment transactions increased by N56trn in Q3, says NBS report
The total value of transactions through electronic payment channels increased by N56.21 trillion in the third quarter (Q3) to stand at N319.99 trillion from N263.78 trillion in second quarter (Q2 2020).
This is according to data made available by the National Bureau of Statistics (NBS).
According to the report, “Selected Banking Sector Data: Sectorial Breakdown of Credit, e-Payment Channels and Staff Strength”, total volume of 2,781,526,188 transactions were carried out through electronic payment channels in Q3 2020 compared to 2,160,436,659 transactions in Q2 2020.
It said real time gross settlement (RTGS), an on-line payment system in which processing and settlement take without deferral, dominated the volume of transactions recorded with 1,799,199 transactions valued at N116.06 trillion in the third quarter.
NBS also said the number of workers of deposit money banks (DMBs) rose by 1.47 percent from 94,498 in Q2 2020 to 95,888 in Q3 2020.
The data showed that DMBs have 40,382 contract workers and 55,506 fulltime workers.
Due to the economic difficulties of the COVID-19 pandemic on the banking industry, there were reports of banks planning to lay off workers.
In May, the bankers committee of the Central Bank of Nigeria (CBN) had agreed that plans to lay off staff would be suspended.
It said that banks would need the express approval of the apex bank to lay off any staff.
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