Access Holdings Plc has strengthened its position as Nigeria’s digital banking leader, recording ₦101.65 billion in electronic business income in the first half of 2025—far ahead of other tier-1 banks. The performance underscores Access Holdings’ growing dominance in the country’s competitive digital banking landscape, where technology investment and customer convenience are increasingly shaping profitability.
Collectively, Nigeria’s top five lenders—Access Holdings, United Bank for Africa (UBA), Zenith Bank, Guaranty Trust Holding Company (GTCO), and FBN Holdings—earned ₦290.86 billion in e-business income during the period. This figure reflects a modest 2.2% decline compared to ₦297.53 billion in the first half of 2024.
However, Access Holdings’ impressive 37.7% year-on-year growth, from ₦73.81 billion to ₦101.65 billion, sets it apart from peers who saw declines. The bank’s aggressive expansion in digital channels such as mobile banking, USSD services, ATMs, agency banking, and internet payments has continued to pay off.
Mixed Fortunes for Other Tier-1 Banks
UBA followed closely with ₦100.50 billion in e-business income, though this represented a 5.3% drop from ₦106.15 billion last year. Zenith Bank’s electronic income fell 11.7% to ₦36.40 billion, while GTCO and FBN Holdings reported steeper declines—12% and 45.9%, respectively. FBN’s plunge to ₦23.69 billion from ₦43.83 billion was the sharpest among the big five, possibly reflecting lower transaction volumes and customer migration to alternative channels, including fintech platforms.
Tier-2 Banks Show Mixed Results
Among mid-tier lenders, Sterling Financial Holding Company grew its digital revenue slightly by 2.7% to ₦4.79 billion, while Stanbic IBTC recorded a marginal rise to ₦2.25 billion. Wema Bank, a long-time digital banking pioneer, experienced a sharp 59% fall in e-business income—from ₦20.9 billion to ₦8.5 billion—highlighting the volatility of the sector.
IT Spending on the Rise
The banks’ financial results show a marked increase in spending on technology infrastructure, signaling an ongoing race to modernize core systems and improve customer experience. Access Holdings led the pack again, investing ₦69.4 billion in IT during the first half of 2025. Although this was lower than the ₦111.2 billion spent in the same period of 2024, it remains the largest among its peers.
Zenith Bank, in contrast, more than doubled its tech budget, spending ₦49.88 billion compared to ₦23.09 billion a year earlier. GTCO’s IT expenditure edged up slightly to ₦37.76 billion, while UBA maintained near-flat spending at ₦6.72 billion.
Cashless Push Boosts Digital Adoption
Industry analysts attribute the steady growth in electronic banking to rising digital adoption and the Central Bank of Nigeria’s (CBN) continued enforcement of its cashless policy.
According to Mr. Kayode Joseph, CEO of Chronis Technology, the expansion of e-business revenue underscores the effectiveness of the CBN’s policy and the changing behavior of Nigerian consumers.
“Even when you see a decline in a bank’s e-business figures, it doesn’t necessarily mean customers are spending less—it often means they’re migrating to other platforms, including fintechs,” he said.
Joseph added that many Nigerians now maintain funds with traditional banks but carry out most of their day-to-day transactions through fintech apps. “This shift shows how comfortable people have become with digital payments,” he noted.
Challenges Remain
Despite strong adoption, industry experts warn that recurring issues such as failed transactions, network downtime, and fraud continue to affect user confidence. Joseph emphasized that banks must strengthen their IT systems to ensure reliability and security. “If banks can minimize failed transactions and improve fraud protection, their digital income will grow even faster,” he said.
E-Payments Hit ₦284.9 Trillion in Q1 2025
Supporting this digital surge, new data from the Nigeria Inter-Bank Settlement System (NIBSS) shows that electronic payment transactions reached ₦284.9 trillion in the first quarter of 2025—a 22% increase from ₦234.4 trillion recorded in the same period of 2024.
The NIBSS Instant Payment (NIP) system, introduced in 2011, continues to anchor this growth by enabling real-time interbank transactions through internet banking, mobile apps, USSD, POS, and ATMs.
As Nigerian banks deepen their technology investments, the digital revenue race among top lenders is expected to intensify—setting the stage for an era where innovation, speed, and customer trust will define market leadership in the financial sector.