Access Holdings Invests N193.5Bn In Technology To Prevent Financial Fraud
By Sunday Etuka, Abuja
Access Holdings, the parent company of Access Bank, has disclosed that it invested a whooping sum of N193.5 billion ($120.5 million) in technology in 2024 to prevent financial fraud.
The company said the amount was 147% increase over the previous year and the highest IT spend in Nigeria’s banking industry.
It said the bold move has paid off significantly, as it reported a 73% drop in fraud-related losses, falling from N6.15 billion in 2023 to just N1.64 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 sustained investment in cybersecurity, AI-driven fraud detection, and biometric authentication is delivering real results, and reinforcing confidence in our digital banking platforms,” the Acting GCEO added.
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.
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.
Access Holdings’ proactive stance not only affirms its leadership in Nigeria’s digital banking landscape but also offers a compelling model for financial institutions across Africa looking to secure trust in an increasingly digital world.
