UPDATED: Staff strength of Nigerian banks reduce by 2,929 in three months

Nigerian-banking-hall

Even as the Nigerian government continued to promise to reduce unemployment, the workforce of Deposit Money Banks in the country reduced by 2,929 workers in the third quarter of 2019, the National Bureau of Statistics reports.

The figure is contained in a report on ‘Selected Banking Sector Data: Sectoral Breakdown of Credit, ePayment Channels and Staff Strength data’ posted on the NBS website.

According to the report, the staff strength of the banks reduced by 2,929 in the quarter with 101,435 total staff as against the 104,364 recorded in the second quarter of the year. This represents a 2.81 per cent decrease.

It also reduced by 1,386 when compared to the 102,821 staff recorded in the same period last year.

The report did not indicate the mode of reduction of staff and whether the staff were all sacked or if some had retired.

The report did not also name the banks most involved in the staff reduction.

Banking Transactions

The banking sector recorded a volume of 800,201,498 transactions valued at N42.76 trillion naira on Electronic Payment Channels within the three months of the third quarter (July – September).

“NIBSS Instant Payments (NIP) transactions dominated the volume of transactions recorded. 298,988,572 volume of NIP transactions valued at N26.18trillion were recorded in Q3 2019,” it said.

The report also recorded N16.25 trillion as the total value of credit allocated by the bank for the period under review.

It said Oil & Gas and Manufacturing sectors got credit allocation of N3.39 trillion and N2.57 trillion to record the highest credit allocations during the period under review.

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