Access Holdings Charts New Course in E-Banking Growth

Access Holdings Plc has emerged as the leading tier-1 bank in Nigeria’s electronic business segment, generating N101.65 billion in e-business income for the first half of 2025.

Collectively, the five major tier-1 banks — Access Holdings, United Bank for Africa (UBA), Zenith Bank, GTCO, and FBN Holdings — earned N290.86 billion from digital transactions during the period, representing a 2.2 per cent decline compared to N297.53 billion recorded in the same period of 2024.

For Access Holdings, the N101.65 billion generated marked a 37.7 per cent growth from the N73.81 billion it recorded in the first half of 2024.

While Access Holdings posted significant growth, other top-tier banks experienced a dip in their e-business revenues. UBA followed closely with N100.50 billion, a 5.3 per cent decline from N106.15 billion in 2024. Zenith Bank’s e-business earnings dropped 11.7 per cent to N36.40 billion, compared to N41.23 billion in the same period last year. GTCO also saw a 12 per cent drop, reporting N28.61 billion from N32.50 billion previously. FBN Holdings recorded the steepest fall, with a 45.9 per cent decline to N23.69 billion, down from N43.83 billion last year — a drop linked to weaker transaction volumes and customer migration to alternative digital channels.

E-business income for the banks reflects revenues from digital platforms such as mobile banking, USSD channels, ATMs, agency banking, internet banking, and POS payments.

Among tier-2 lenders, Sterling Financial Holding Company grew its e-business revenue slightly by 2.7 per cent, earning N4.79 billion compared to N4.66 billion in 2024. Stanbic IBTC also saw a marginal rise, recording N2.25 billion in H1 2025 against N2.15 billion the previous year. However, Wema Bank, which had the largest e-business income among tier-2 banks, suffered a 59 per cent decline, with N8.5 billion recorded in the first half of 2025 compared to N20.9 billion in 2024.

Despite mixed earnings, tier-1 banks significantly increased spending on information technology to enhance their digital platforms. Access Holdings, the highest earner in e-business, spent N69.4 billion on IT in the first half of 2025, though this was lower than N111.2 billion in the same period last year. Zenith Bank more than doubled its IT expenditure to N49.88 billion, from N23.09 billion in 2024. GTCO spent N37.76 billion, slightly higher than N36.60 billion last year, while UBA maintained nearly flat spending at N6.72 billion, compared with N6.70 billion in 2024.

Analysts attributed the growth in e-business revenue to the rising use of mobile and online banking among Nigerians, driven largely by the Central Bank of Nigeria’s cashless policy. According to Kayode Joseph, CEO of Chronis Technology, the figures show the increasing acceptance of electronic payments in Nigeria.

“Even when some banks report a decline, it’s often because customers are switching to fintech platforms. Nigerians are now using multiple digital service providers, and there’s no going back,” he said.

Joseph added that while more Nigerians find electronic transactions convenient, banks must invest further in technology to reduce failed transactions and strengthen cybersecurity.

“Network failures and fraud remain major challenges. Banks that can offer secure, seamless experiences will sustain stronger growth in digital revenues,” he noted.

Data from the Nigeria Inter-Bank Settlement System (NIBSS) revealed that Nigerians conducted N284.9 trillion worth of electronic payments in the first quarter of 2025 — a 22 per cent increase from N234.4 trillion in the same period of 2024.

The growth was powered by the NIBSS Instant Payment (NIP) platform, a real-time interbank payment system that supports internet banking, mobile apps, USSD, POS, and ATM transactions nationwide. Analysts believe this sustained rise in digital transactions indicates strong consumer adoption and continued transformation of Nigeria’s financial landscape.