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Banking Sector hiring on the rise again

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WED, FEBRUARY 20 2019-theG&BJournal-The banking sector which once employed thousands of people before massive lay-offs is hiring again. The latest Banking Sector data released by the National Bureau of Statistics yesterday shows that as at Q4, 2018, the total number of banks staffs increased by 1.80% QoQ from 102,821in Q3 2018 to 104,669.

A tepid business growth coupled with an economy badly hit by oil price crash had significantly impacted hiring but as the sector see resurgence of growth, demand for young talent are seeing steady increase. The hiring grew 15.72% year-on-year in the period under review according to the NBS data.

The banking sector has seen improved transaction flows as well which also is impacting the need to hire. A total volume of 616,528,697 transactions valued at N39.15trn were recorded in Q4 2018 as data on Electronic Payment Channels in the Nigeria Banking Sector revealed.

NIBSS Instant Payments (NIP) transactions dominated the volume of transactions recorded. 228,209,423 volume of NIP transactions valued at N23.57trn were recorded in Q4 2018.

The overall improvement in the performance of the economy also rubbed off on banks credit to the private sector with more bad debts dumped. In terms of credit to private sector, the total value of credit allocated by the bank stood at N15.13trn as at Q4 2018 and nonperforming loans dropped to N1.7 billion in Q4 from N2.2billion in the Q32018.

Oil & Gas and Manufacturing sectors got credit allocation of N3.55trn and N2.23trn to record the highest credit allocation as at the period under review.

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