Access Holdings’ strategic tech investments lead to a 73% drop in fraud losses, setting a new standard for African banks
[dropcap]A[/dropcap]s global financial fraud surges, Access Holdings PLC is setting a new standard in Africa’s banking industry through aggressive and strategic investment in technology aimed at combating the growing threat.
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With Nigeria’s financial sector experiencing a spike in digital fraud, particularly through mobile and online channels, Access Holdings has emerged as a front-runner in fraud prevention through innovation.
In 2024, Access Holdings, the parent company of Access Bank, recorded a landmark ₦193.5 billion ($120.5 million) in technology investments, a 147% increase over the previous year and the highest IT spend in Nigeria’s banking industry.
This bold move has paid off significantly. The Group reported a 73% drop in fraud-related losses, falling from ₦6.15 billion in 2023 to just ₦1.64 billion in 2024.
“Our customers’ trust is our most valuable asset,” said Bolaji Agbede, Acting Group Chief Executive Officer of Access Holdings Plc.
“In a world of rising digital risks, we have chosen to lead with innovation and resilience.
Our customers’ trust is our most valuable asset,” said Bolaji Agbede, Acting Group Chief Executive Officer of Access Holdings Plc.
Our sustained investment in cybersecurity, AI-driven fraud detection, and biometric authentication is delivering real results, and reinforcing confidence in our digital banking platforms.”
Globally, banks like JPMorgan Chase are increasing technology budgets to combat fraud, with a record $17 billion in 2024. Nigeria is not left behind.
Among local peers, Access Holdings has demonstrated the strongest correlation between strategic tech spending and measurable fraud reduction.
Access Holdings’ investments include AI-driven transaction monitoring, biometric verification systems, enhanced core banking upgrades, and real-time fraud analytics, all designed to detect and respond to threats with speed and precision.
While digital innovation is expanding access to banking, it has also exposed customers and institutions to evolving threats.
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According to Nigeria Inter-Bank Settlement System (NIBSS) data, fraud incidents in the country jumped 112% from 2019 to 2023, underscoring the urgent need for systemic countermeasures.
Peculiar Adirika is a journalist and contributor to Freelanews.com, covering news, business, and public affairs.
