Over the past one year, banks in Nigeria have been gradually increasing the number of contract staff working with them and cutting down on senior staff strength as the number of contract staff in banking halls have increased by 101.2 per cent.
Selected Banking Sector data released by the National Bureau of Statistics (NBS) showed that compared to 21,837 contract staff in the employ of banks in the country as at June last year, the figure rose to 43,955 as at the end of June this year.
Although the number of contract workers in the banks had declined slightly by 346 in the first quarter of 2018 to 32,013 from 32,359 which it was as at December 2017. While the number of executive staff and junior staff has also been on the rise in the past 12 months, number of senior staff has been on the decline.
According to the data, banks had been cutting back on the number of middle level staff as the number was down from 20,483 at the end of the first quarter of last year to 17,144 by the end of June 2018. While 894 junior staff had been sacked in the first quarter of 2018, the number increased by the end of June 2018.
Figures showed that the number of junior level bank workers increased from 33,783 at the end of June 2017 to 40,549 by the end of the second quarter of 2018, an increase of 20.03 per cent. The number of executive staff was also on the rise, increasing to 210 from 161 which it was at the end of the second quarter of 2017.
In total, the number of banks’ staff increased by 13.67 per cent quarter-on- quarter from 89,608 in Q1 2018 to 101,861, while year-on- year, the number of bank staff increased by 26,254 or 34.7 per cent
Meanwhile, the report showed that a total volume of 509.668 million transactions valued at N32.9 trillion were recorded in Q2 2018 as data on Electronic Payment Channels, with Automated Teller Machine (ATM) transactions dominating the volume of transactions recorded.
The report showed that 217.417 million volume of ATM transactions valued at N1.603 trillion were recorded in Q2 2018.
In terms of credit to private sector, the total value of credit allocated by the bank stood at N15.34trn as at Q2 2018. Oil and Gas and Manufacturing sectors got credit allocation of N3.45 trillion and N2.02 trillion to record the highest credit allocation as at the period under review.