ATM transactions results in 51% e-payment dealings in Q4
Automated Teller Machine, ATM, transactions were said to have dominated the volume of electronic payment dealings in the last quarter of 2017, resulting in over 51percent of the total e-payment businesses made in the period.
According to the National Bureau of Statistics’ data on Electronic Payment Channels in Nigeria’s banking sector, ATM transactions alone was responsible for 239,692,229 of the total 461,980,541 e-payment transactions made between October to December 2017.
Further analysis of the report shows that a total of N29.44trillion worth of transactions were made in the period, with ATM transactions valued at N1.83trillion of the sum.
In terms of credit to private sector, a total of N15.74trillion worth of credit was allocated by the banks in the fourth quarter of last year. Oil & Gas and Manufacturing sectors got credit allocation of N3.58trillion and N2.17trillion to record the highest credit allocation in the period under review.
Also in the period, the total number of banks’ staffs rose by 9.19 percent from the 82, 840 staffs recorded in the third quarter of 2017 to 90,453 staffers by the end of the year.
Similarly the Bureau, in its Pension Asset and Membership Data report, revealed that the nation’s pension fund assets grew by N351 billion to hit N7.5 trillion in the fourth quarter of 2017.
The report, however, revealed that N4.04trillion representing 53.81percent of the pension funds assets were invested in the Federal Government of Nigeria Bonds, while 15.38percent amounting to N1.18trillion went into Treasury Bills.
Statistics further showed that N672.23 billion or 8.94percent was invested in domestic ordinary shares, N626.3 billion or 8.33percent in banks, while N262.49billion or 3.48percent was invested in corporate bonds.
“FGN Bonds has the highest weight percentage of 53.81 percent of the total pension fund assets and closely followed by treasury bills with 15.68 percent weight and domestic ordinary Shares with 8.94percent weight while agency bonds have the least with 0.08 percent weight,” the report stated.
NBS further disclosed that the Pension Asset and RSA Membership Data for the fourth quarter reflected that 7.82million workers are registered under the pension scheme compared to 7.71million registered workers in the third quarter of 2017.
Of the over 7.8 million members registered under the pension scheme in Q4 2017, 3.4 million members were from the public sector while 4.4million members were from the private sector. In the public sector, 1.9million were from the federal government while 1.5 million members were from the state government.
“Participants within the age distribution 30-39 years have the highest percentage composition closely followed by participants within the age bracket of 40-49 years and 50-59 years while participants above 60 years have the least percentage composition”, the NBS reports.