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Market Digest Nigeria

Business

Nigerian Banks employees number increases to 77,690 in Q1

The National Bureau of Statistics (NBS) has disclosed that the total number of banks employees increased from 76,812 in the fourth quarter of 2016 to 77,690 in the first quarter of 2017.

However, when compared with the corresponding period of 2016, the figure shows depreciation as the total number of workers in the banking sector in the first quarter of 2016 stood at 81,122.

Also in the first quarter of 2017, data on Electronic Payment Channels in the Nigeria Banking Sector revealed that a total volume of 304.3 million transactions valued at N22.01 trillion were recorded in the first quarter of 2017.

During the period, ATM transactions dominated the volume of transactions recorded; showing 179 million of ATM transactions valued at N1.50 trillion.

In terms of credit to private sector, a total of N16.00 trillion worth of credit was allocated by the banks in Q1 2017, while Services and Industry got credit allocation of N9.25 trillion and N6.19 trillion to record the highest credit allocation in the period under review.

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

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