The banking sector recorded 800,201,498 volume of transactions valued at N42.76tn within the third quarter of this year.

The figure is contained in the banking sector report which was released by the National Bureau of Statistics on Tuesday.

The NBS in the report stated that Nigerian Interbank Settlement System Instant Payments transactions dominated the volume of transactions recorded.

It said about 298,988,572 volume of NIP transactions valued at N26.18tn were recorded in the third quarter.

In terms of credit to private sector, the report put the total value of credit allocated by the banks at N16.25tn as of the end of the third quarter.