Cybersecurity - Intelpoint

Kenya's local banks such as Equity Group (17% growth) recorded strong profit growth, while foreign-owned banks struggled

Equity Group was the most profitable bank on the list with $268M in H1 2025.
KCB followed closely with $250M in profits, supported by 8% YoY growth.
I&M Group achieved the fastest growth rate of 36%, despite a smaller base of $63 million.
Standard Chartered’s profits fell by 21%, highlighting the struggles of foreign banks.
Stanbic Holdings also declined by 9%, contrasting with local banks’ upward trend.

Mobile banking fraud cases increased by 87.2% to 146, the highest in 2024

Total fraud cases in Kenyan banks rose from 173 in 2023 to 353 in 2024.
Mobile banking fraud cases jumped by 87.2% to 146, making it the most common fraud type.
Online banking fraud recorded the steepest rise, growing by 457.9% to 106 cases.
Identity theft increased by 51.4%, reaching 56 reported cases in 2024.
Internet scams increased by 28.6%, totalling 9 cases in 2024.

With 146 cases, mobile banking fraud resulted in the highest loss of KES 810.7B

Kenya recorded 353 fraud cases in 2024, totalling KES 1.6T in losses.
Mobile banking fraud, with 146 cases, was the biggest threat, causing KES 810.7B in losses.
Card fraud had only 24 cases but resulted in KES 263.3B lost, showing its high risk. Computer fraud recorded 12 cases, leading to KES 203.4B in damages.
Identity theft saw 56 cases, costing banks and customers KES 199.1B.
Online banking fraud was the second most frequent (106 cases), but losses were relatively lower at KES 111.8B.
Internet scams had the fewest cases (9) but still caused KES 6.1B in losses.

Titan Trust acquires Union Bank, keeping its name and century-old heritage

Union Bank began as Colonial Bank, later Barclays Bank DCO, before indigenisation in 1979.
Nigerian investors took majority control, renaming it Union Bank of Nigeria.
The 2009 banking crisis weakened the bank; AMCON stabilised it, while Union Global Partners Ltd injected $500m for 65% control.
Titan Trust Bank acquired up to 100% ownership, and Union Bank was delisted from the Nigerian Exchange.
A court-approved scheme merged Titan Trust into Union Bank; Union Bank survived, retaining its century-old name and legacy under Titan’s ownership.

Access Bank reported the highest total salaries paid among selected Nigerian banks in 2024, reaching ₦357.6B

Access Bank paid the highest total salaries in 2024, amounting to ₦357.6 billion.
Stanbic IBTC devoted the largest share of its revenue to salaries at 9.96%, despite a much lower total salary bill than Access or FirstHoldCo.
Zenith Bank had one of the highest salary bills (₦137.7 billion) but spent the smallest portion of its revenue on staff at just 3.47%.
Wema Bank, though paying the lowest in total salaries (₦33.8 billion), had one of the highest salary-to-revenue ratios at 7.81%.
FirstHoldCo, with ₦229.1 billion in staff costs, maintained a moderate salary-to-revenue ratio of 7.14%.
The gap between total salary spend and salary-to-revenue ratios reveals more about each bank’s internal cost structure.

Access Bank consistently led in gross earnings among selected Nigerian banks, reaching N4.9T in 2024, a significant jump from N2.6T in 2023

Access Bank led all Nigerian banks with ₦4.9T in gross earnings in 2024, nearly doubling its 2023 performance.
FirstHoldCo saw a sharp rise in earnings to ₦3.2T in 2024
Zenith Bank grew consistently, crossing the ₦4T mark in 2024 from ₦1T in 2022, showing strong operational expansion.
Wema Bank, despite being the smallest, quadrupled its earnings over two years, from ₦0.1T to ₦0.4T.
Fidelity and FCMB nearly tripled their gross earnings between 2022 and 2024, showing rising momentum among mid-tier banks.

Kenya led 40 African countries with 90.1% account ownership in 2024

- Kenya led with 90.1 percent account ownership in 2024. - Mauritius (89.6 percent) and Ghana (81.2 percent) also in top 3. - Nigeria ranked 11th at 63.3 percent; Tanzania fell short at 59.8 percent. - Only 14 African countries exceeded the 60 percent inclusion benchmark. - Another 14 African countries have no recent data in the Global Findex

Nigerian listed banks gave ₦20.97 billion to communities in 2024; Access, Zenith, UBA lead

Key Takeaways:

In 2024, ten publicly listed banks donated more than ₦20.97 billion to host communities.
Access Holdings Plc led the list with ₦6.74 billion, accounting for nearly 32% of total donations.
The top three banks (Access, Zenith, and UBA) contributed around ₦13.6 billion, or 65% of total donations.
Donations ranged between ₦113 million (Jaiz Bank) and ₦6.7 billion (Access Holdings).
Jaiz Bank donated the smallest proportion, 0.54%.

Zenith Bank remained Nigeria's most profitable bank in 2024, with a profit after tax (PAT) of ₦1.03 trillion, a 53% increase from the 2023 value

Key takeaways:

Zenith Bank Plc led the profitability ranking with a Profit After Tax (PAT) of ₦1.03 trillion.
Guaranty Trust Holding Company followed closely with ₦1.02 trillion in PAT.
Each of the top six banks recorded profits exceeding ₦600 billion.
The total PAT for the top ten banks rose by 53%, from ₦3.39 trillion in 2023 to ₦5.54 trillion in 2024.
FCMB Group Plc was the only bank among the top ten to record a year-on-year decline in PAT.
Ecobank, First Holdco, Fidelity Bank, and Wema Bank each recorded over 100% growth in PAT compared to 2023.

Ecobank is now Nigeria’s largest publicly listed bank by total assets, after a 67% surge, dethroning Access Holdings in 2024

Key takeaways:

Ecobank Transnational Incorporated ranks first with total assets of ₦43.3 trillion, marking a 67% increase from 2023.
Access Holdings Plc ranked the second-largest bank in 2024, as against the first in 2023.
The combined assets of the top five banks amount to ₦171.6 trillion, a 55% increase from 2023.
These five institutions represent the largest players in Nigeria’s banking sector by total assets as of 2023 and 2024.
The increase in total assets of the top ten banks ranges from 34% to 67% year on year.
The assets of the top ten listed public banks rose by 54% in 2024.

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