Recent advances in nanoscale lasers, amplifiers, and nonlinear optical converters have demonstrated the unprecedented potential of metal–insulator–semiconductor (MIS) structures as a versatile platform to realize integrated photonics at the nanoscale. While the electric field enhancement and confinement have been discussed intensively in MIS based plasmonic structures, little is known about the carrier redistribution across the heterojunction and photocurrent transport through the oxide. Herein, we investigate the photo-generated charge transport through a single CdSe microbelt-${\mathrm{Al}}_2{\mathrm{O}}_3$-Ag heterojunction with oxide thickness varying from 3 nm to 5 nm. Combining photocurrent measurements with finite element simulations on electron (hole) redistribution across the heterojunction, we are able to explain the loss compensation observed in hybrid plasmonic waveguides at substantially reduced pump intensity based on MIS geometry compared to its photonic counterpart. We also demonstrate that the MIS configuration offers a low-dark-current photodetection scheme, which can be further exploited for photodetection applications.