Access Bank

By Sabiu Abdullahi

Six of Nigeria’s leading listed banks recorded a combined profit after tax of ₦3.11tn in the nine months ended September 30, 2026, representing a 7.5 per cent increase from the ₦2.90tn reported in the corresponding period of 2025.

Their combined total assets also expanded by 6.73 per cent, rising from ₦182.79tn to ₦195.08tn, according to their unaudited financial statements.

The banks covered in the report are Access Holdings Plc, Ecobank Transnational Incorporated, Zenith Bank Plc, First HoldCo Plc, Guaranty Trust Holding Company (GTCO) and Stanbic IBTC Holdings Plc.

The lenders collectively added ₦12.29tn to their asset base within the period.

However, banking analysts noted that the growth was unevenly distributed, with First HoldCo and Zenith Bank accounting for a significant share of the increase.

Olamide Ologunagbe, an Associate in Investment Research and Consulting at Afrinvest, described the expansion as a positive development but cautioned that a larger balance sheet does not necessarily translate into better asset quality or stronger earnings capacity.

She noted that First HoldCo and Zenith Bank jointly contributed ₦9.01tn, representing approximately 73 per cent of the total asset growth recorded by the six lenders.

According to her, increased investment in securities, particularly government instruments, alongside higher lending, accounted for much of the expansion.

Ngozi Odum, a Senior Associate in Financial Services Research at CardinalStone, also observed that the growth was concentrated among the larger institutions, particularly First HoldCo and Zenith Bank.

Access Bank retains lead in asset size

Access Holdings remained the largest institution by total assets, recording ₦52.60tn as of September 30, 2026, compared with ₦52.20tn a year earlier. This represented a modest increase of 0.78 per cent.

Ecobank followed with ₦47.92tn, while Zenith Bank reported ₦34.39tn. First HoldCo recorded ₦32.20tn, GTCO had ₦18.37tn, and Stanbic IBTC posted ₦9.60tn.

Ecobank’s naira-denominated assets declined marginally by 0.11 per cent from ₦47.97tn to ₦47.92tn. However, its assets increased by 10.9 per cent in dollar terms, rising from $32.43bn to $35.96bn.

Odum explained that Ecobank’s performance was better assessed in dollars because of its extensive operations across Africa, noting that exchange-rate movements could distort its performance when measured solely in naira.

She added that the naira had appreciated by 7.5 per cent against the dollar since the beginning of the year, making the growth in Ecobank’s dollar assets appear considerably smaller when converted into the local currency.

First HoldCo records highest asset growth

First HoldCo recorded the strongest expansion among the six banks, with its total assets increasing by 21.95 per cent from ₦26.40tn to ₦32.20tn.

Its investment securities rose by 62.4 per cent to ₦10.31tn from ₦6.35tn, while financial assets measured at fair value through profit or loss increased more than sixfold, reaching ₦2.22tn from ₦352.38bn.

The bank’s property and equipment also more than doubled, rising from ₦258.97bn to ₦548bn.

Stanbic IBTC ranked second in asset growth, recording a 14.53 per cent increase from ₦8.38tn to ₦9.60tn.

Its other assets rose to ₦1.21tn from ₦640.38bn, while loans and advances increased by 16 per cent to ₦3.04tn.

Zenith Bank recorded a 10.30 per cent increase in total assets, moving from ₦31.18tn to ₦34.39tn.

Its loans and advances grew by 24.2 per cent to ₦11.64tn from ₦9.37tn, while cash balances held with the Central Bank of Nigeria increased to ₦7.66tn from ₦6.85tn.

However, its Treasury bills holdings declined from ₦4.19tn to ₦3.28tn, partly offsetting the growth recorded in other asset categories.

GTCO’s total assets rose by 10.29 per cent, increasing from ₦16.66tn to ₦18.37tn.

Its investment securities held at fair value through profit or loss surged to ₦605.55bn from ₦13.61bn. However, loans to customers declined by 7.4 per cent to ₦3tn.

Access Holdings recorded an 11.2 per cent increase in customer loans, which rose to ₦14.33tn. However, its cash balances dropped by 27.6 per cent from ₦8.73tn to ₦6.32tn, contributing to its relatively slow overall asset growth.

Ologunagbe said the sustainability of the banks’ expansion would depend on whether it translated into improved earnings, stronger asset quality and adequate capital levels.

Profit rises despite decline in interest income

A comparison of income and profit performance was based on the five banks with consistent nine-month figures for both years: First HoldCo, Ecobank, Zenith Bank, GTCO and Stanbic IBTC.

Combined interest income for First HoldCo, Zenith Bank, GTCO and Stanbic IBTC declined by 4.28 per cent to ₦6.55tn from ₦6.84tn recorded in the corresponding period of 2025.

GTCO was the only one of the four to report an increase, with interest income rising by 4.96 per cent to ₦1.29tn.

First HoldCo’s interest income fell by 8.69 per cent to ₦2.09tn, while Stanbic IBTC recorded a 5.35 per cent decline to ₦545.35bn. Zenith Bank’s figure also dropped by 4.52 per cent to ₦2.62tn.

Despite the decline in interest income, the five banks recorded an increase in overall profitability.

Their combined profit before tax rose by 12.37 per cent from ₦3.79tn to ₦4.26tn, while profit after tax increased by 7.5 per cent to ₦3.11tn.

The improvement was attributed partly to lower impairment charges recorded by First HoldCo, Zenith Bank and GTCO, alongside stronger fee and trading income at First HoldCo and Stanbic IBTC. Ecobank also maintained a relatively steady performance.

The figures indicate that while the six lenders continued to expand their balance sheets, the extent of growth and the factors driving profitability varied considerably across the institutions.

By Sabiu Abdullahi

The Nigeria Customs Service (NCS) has reinforced its partnership with Access Bank in a bid to strengthen trade facilitation and improve financial system alignment following the rollout of its Unified Customs Management System (UCMS), known as B’odogwu.

On Monday, April 14, 2025, officials from both organizations held a virtual meeting aimed at aligning operational structures and expanding cooperation.

The session was led by Deputy Comptroller-General of Customs overseeing ICT and Modernisation, Kikelomo Adeola.

She was joined by the Service’s National Public Relations Officer, Assistant Comptroller Abdullahi Maiwada, and Assistant Comptroller Bukola Omoniyi from the ICT/Modernisation Department.

Discussions centered on improving coordination between Customs and financial institutions.

Key areas of focus included streamlining payment procedures, enhancing data sharing, and enabling real-time processing of trade transactions using the B’odogwu platform.

DCG Adeola highlighted the importance of collaboration in the current phase of post-deployment consolidation.“The deployment of B’odogwu marks a new era in Customs administration,” she said.

“Our next priority is to strengthen partnerships with financial institutions like Access Bank to fully unlock the platform’s potential for automation, transparency, and trade efficiency.”

She explained that B’odogwu, which was developed locally, has already restructured Customs operations by merging procedures, automating declarations, and enabling real-time monitoring of transactions.

“To achieve optimal functionality, all players within the trade value chain must be fully integrated. This engagement with Access Bank is not just timely—it is strategic,” she noted.

Reacting to the Customs Service’s efforts, Olatunbosun Oladunke, Head of Global Trade at Access Bank, praised the agency’s digital initiatives and pledged continued cooperation.

“The B’odogwu platform represents a major leap in digital trade processing. Access Bank is fully aligned with the NCS vision and is committed to ensuring system compatibility—particularly in trade finance and payment automation,” he said.

In the same vein, Olakunle Aderinokun, Head of Media and Public Relations at Access Holdings/Access Bank, showed the value of engaging stakeholders and building public awareness.

“Public buy-in is critical to the success of any reform. We will collaborate with the Service to drive awareness of B’odogwu and educate stakeholders on the value it brings to the trading ecosystem,” he stated.

This engagement is part of the NCS’s larger goal to speed up its trade modernisation plan by fostering transparency, building strong partnerships, and embracing innovation.

With B’odogwu already in use, the agency is moving closer to achieving a fully digital, integrated, and internationally compliant customs system that aligns with Nigeria’s economic goals.

Kabiru Haruna Isa

I have been a loyal customer of Diamond/Access Bank Plc., and I can say without any fear of contradiction that I opened my first bank account with them. I have been banking with them for almost one and a half decades. In fact, I have been serving as a volunteer marketer to the Bank as I convinced many people, including colleagues, friends and family members, to open accounts with it ostensibly because of the hitherto quality services it delivered.

With the implementation of the cashless policy, millions of Nigerians, including myself, are forced to rely on and use alternative payment platforms such as MoniePoint, Opay, Squad and Momo Agent, to mention just a few. The services of these payment platforms are a double-edged sword which eases transactions and creates ceaseless suffering simultaneously for the poor and downtrodden Nigerians. They are also used, in some instances, especially by the agents who render services at the Point of Sale (POS), to extort powerless, hapless and helpless customers. From the time this cashless policy was introduced, millions of Nigerians were robbed of their hard-earned money by some financial service providers, and unfortunately, nobody seems to care to fight for the financial rights of these innocent victims.

And so it happened to me on the 10th day of March 2023. I stopped over at Gidan Maza Quarters, Kumbotso LGA, Kano, to make a transfer at one of the POS kiosks around. The POS agent used the MoMo Agent terminal to transfer some amount to my Access Bank account. And based on the receipt given to me, the transaction went successfully. I waited for the whole day, but my account was not credited. To cut a long story short, today 31st day of March, is exactly three weeks, but my money is still hanging at only God knows where.

I complained continuously to the MoMo agent who operates the POS kiosk, but he informed me that there was virtually nothing he could do to facilitate the unconditional release of my money. As a last option, he took me to the Office of MoMo Agent to lodge my complaint directly to the service providers. What I found shocking and troubling during my interaction with the officials was that MoMo Agent used to partner with Access Bank to provide financial services to their customers, but the relations of the duo got strained due to allegedly petty jealousy, business rivalry and unhealthy competition.

The pertinent question here is why should the business tussle between MoMo Agent and Access Bank rob Nigerians of their hard-earned money. Why these financial service providers should be allowed to inflict systematic and psychological torture on their innocent customers? What are the Central Bank of Nigeria (CBN), the NDIC and other Financial Regulators doing? The Government should know that many Nigerians are going to bed with empty stomachs because of the rivalry and skirmishes between these financial service providers. The worst part of it is that when customers go to the branches of the bank to complain, they are subjected to long and interminable waits, after which the customer care unit will only succeed in rubbing salt into the wounds. They treat customers with disdain and make sure that they maximally frustrate and confound their misery.

I finally call upon the CBN to inquire, investigate and take necessary action(s) on the ongoing tussle between MoMo Agent and Access Bank so as to end the suffering of Nigerians. The apex bank should equally penalize any of these financial service providers that are guilty of illegally withholding customers’ money.

A lesson is enough for the wise. With the kind of trouble, trauma and travail I underwent following up on this issue throughout these past three weeks, I will flee from any POS kiosk that I see using the MoMo Agent terminal, more so when it is from my Diamond/Access Bank account that I want to transact from. As a matter of fact, I am contemplating closing my Diamond/Access Bank account unless everything is rectified. This is due to the genuine fear I have that whatever happens once can and will indeed happen again.

Dr Kabiru writes from the Department of History, Bayero University, Kano. He can be reached via khisa.his@buk.edu.ng.

By Farid Suleiman

Bloomberg reports that the Central Bank of Nigeria (CBN) has penalized three banks over non-compliance with its cryptocurrency directive. The affected banks are Stanbic IBTC Bank, Access Bank Plc and United Bank for Africa.

In a circular dated January 5, 2021, the apex bank had issued a directive to Deposit Money Banks (DMBs), Non-Bank Financial Institutions (NBFIs), and other financial institutions (OFIs) to identify and suspend all accounts of individuals and entities used for cryptocurrency transaction on their system.

“Further to earlier regulatory directives on the subject, the bank hereby wishes to remind regulated institutions that dealing in cryptocurrencies or facilitating payments for cryptocurrency exchanges is prohibited,” the circular reads.

“Accordingly, all DMBs, NBFIs and OFIs are directed to identify persons and/or entities transacting in or operating cryptocurrency exchanges within their systems and ensure that such accounts are closed immediately.”

The affected banks were fined a combined sum of ₦800million. Stanbic IBTC Bank, United Bank of Africa and Access Bank were fined 200million, 100million, and N500million, respectively.