Digital money has transitioned from a concept of the future to a present-day reality in Nigeria, fundamentally changing how individuals conduct financial transactions. It is now the primary method for sending money to loved ones, purchasing goods and services, settling bills, and managing business operations. These frequent digital interactions have evolved into a significant revenue-generating force for Access Holdings, Nigeria's largest financial group by customer volume.
Analysis of the group's financial statements for the first nine months of 2025 reveals a substantial increase in income derived from digital channels, establishing it as one of the group's most robust income streams. The segment labeled "Channels and other E-business" income reported earnings of approximately ₦151.3 billion for the period concluding on September 30, 2025.
This revenue is generated not only from customers within Nigeria but also from clients in other African markets where Access Holdings has extended its digital service offerings.
This figure represents the direct charges levied on customers for utilizing services such as USSD, card payments, mobile banking, and other digital platforms. Essentially, Access Holdings has generated over ₦151 billion solely from the adoption of digital payment methods by Nigerians, signifying a notable shift in the group's revenue model. The organization is no longer solely reliant on interest from loans or corporate services; it is now deriving substantial income from the digital economy itself.
How Access Holdings' Tech Subsidiaries Enhance Financial Performance
Access Holdings' strategic vision extends beyond traditional banking operations, encompassing significant investments in technology-focused businesses that are now making a considerable contribution to its financial results. Two key subsidiaries, Hydrogen Payment Services Company Limited and Oxygen X Finance Company Limited, are particularly noteworthy in the operating segment reports.
Hydrogen Payment Services Company Limited operates as a fintech company, providing a suite of services including InstantPay, payment gateway solutions, Point of Sale (POS) terminals, card services, and switching solutions to both public and private sector organizations. Concurrently, Oxygen X Finance Company Limited offers swift and dependable digital loan facilities to salary earners and small businesses.
The financial performance of these subsidiaries underscores that the digital transformation is not merely a trend but a tangible and profitable business reality.
Hydrogen reported revenues exceeding ₦6.1 billion from external customers, along with a profit before taxation of over ₦1.2 billion. Oxygen X Finance Company Limited generated approximately ₦9.1 billion in revenue from external customers and achieved a profit before taxation of ₦4.2 billion.
While these figures are currently smaller in scale compared to the traditional banking divisions, they clearly indicate that digital channels are attracting substantial transaction volumes, and digital lending is proving to be a more profitable venture at this developmental stage.
This performance explains Access Holdings' continued aggressive promotion of digital products, which are demonstrating clear profitability.
These technological contributions are part of a broader evolution in the group's revenue generation strategy. Total fee and commission income reached ₦600.4 billion, an increase from ₦401.5 billion in the previous year. Digital channels, card services, and electronic transactions are pivotal drivers of this growth, providing a stable income stream that is less susceptible to the fluctuations inherent in lending activities.
This trend reinforces the perception of Access Holdings undergoing a transition towards a revenue structure that is increasingly supported by technology.
The increased adoption of digital services has also positively impacted deposit growth. The group concluded the reporting period with ₦33.1 trillion in deposits, a significant rise from ₦22.5 trillion at the end of 2024. This increase of more than ₦10 trillion highlights the effectiveness of mobile banking and online onboarding in attracting customers who prioritize convenience and speed in their financial interactions.
Total assets have grown to ₦52.19 trillion, up from ₦41.49 trillion in December 2024, with technology playing a crucial role in enabling this expansion. As more customers embrace digital channels, Access Holdings is able to scale its operations more rapidly without an over-reliance on establishing new physical branches.
Profitability has followed a similar upward trajectory. The group recorded a profit before tax of ₦616.2 billion, an improvement from ₦558.1 billion in the corresponding period of the previous year. Profit after tax stood at ₦447.5 billion, with ₦426.7 billion attributable to shareholders. Digital systems facilitate faster and more consistent earnings by reducing the operational costs associated with serving a large customer base.
Digital operations are also contributing to improved liquidity. Net cash generated from operating activities amounted to ₦6.08 trillion, compared to ₦4.61 trillion in the prior period, supported by accelerated settlement cycles and automated collection processes. Cash and bank balances increased to ₦8.73 trillion from ₦5.22 trillion, reflecting enhanced customer engagement and greater financial stability.
Ongoing investments in technology are evident in the balance sheet's support systems. Equity has grown to ₦3.98 trillion from ₦3.76 trillion, providing the group with the financial capacity to continue upgrading its digital infrastructure. This includes enhancements to payment technologies, cybersecurity measures, and data systems essential for securely managing high transaction volumes.
Significance of the Financial Performance
The substantial digital fees paid by Nigerians reflect the indispensable role digital banking now plays in daily life and economic participation.
The financial statement clarifies that the revenue associated with the ₦151.3 billion income line is derived from electronic channels, card products, and associated services. This direct correlation indicates that the growth in digital revenue is intrinsically linked to everyday consumer and business activities.
Every time an individual uses their phone to send money to family, a small business accepts payments via a POS terminal, or a household pays for utilities online, Access Holdings earns a fee. Customers opt for these digital channels to bypass the inconvenience of physical queues, reduce travel expenses, and ensure immediate transaction completion.
Beyond individual transactions, these developments signal a broader economic impact. Digital payments are instrumental in advancing financial inclusion, enabling more individuals to access financial services without the necessity of visiting a physical branch. Furthermore, digital lending initiatives provide access to credit for customers who might otherwise encounter significant delays or outright rejection from conventional loan application processes.