As limited evidence exists on the information technology outsourcing (ITO) practices in the South African financial services industry and the causal drivers thereof, the goal of this paper is to uncover these sourcing practices and their causal drivers using morphogenetic change theory. Morphogenetic change theory, as a specific instance of critical realist theory, was used to map the ITO decisions over the last 15 years at one of the largest banks in Africa. The causal factors of consolidation, Agile, DevOps, large-scale cloud migrations, and social factors, were identified as drivers for outsourcing and insourcing decisions. These findings enforced the usefulness of the morphogenetic framework in uncovering the causal factors and their dynamic interplay, which are unique to ITO contexts in the financial sector and developing countries.