A total volume of 3.46 billion transactions valued at N356.47tn were recorded in the fourth quarter of 2020 as data on electronic payment channels in the Nigeria banking sector.

The National Bureau of Statistics disclosed this in its report on ‘Selected banking sector data: Sectoral breakdown of credit, payments and staff strength’ on Sunday.

Online transfers dominated the volume of transactions recorded, it stated.

The NBS stated that 2.23 billion volume of online transfer transactions valued at N120.27tn were recorded in Q4 2020.

In terms of credit to the private sector, the total value of credit allocated by the bank stood at N20.37tn as of Q4 2020.

Oil and gas and manufacturing sectors got credit allocation of N3.93tn and N3.19tn to record the highest credit allocation as at the period under review.

As of Q4 2020, the total number of banks’ staff decreased by -0.90 per cent QoQ from 95,888 in Q3, 2020 to 95,026.