As global financial fraud losses surpass $485 billion annually, Access Holdings Plc is blazing a trail in Africa’s financial landscape by investing massively in cutting-edge technology to combat digital threats, the National Association of Online Security News Publishers (NAOSNP) reports.
In response to Nigeria’s rising wave of digital fraud—particularly via mobile and online banking—Access Holdings, the parent company of Access Bank, has emerged as a leader in fraud prevention. In 2024, the Group made a record-breaking ₦193.5 billion ($120.5 million) investment in technology—a 147% increase from 2023—marking the highest tech spend by any financial institution in Nigeria.
The result has been both swift and significant. Fraud-related losses within the Group dropped by a staggering 73%, plummeting from ₦6.15 billion in 2023 to ₦1.64 billion in 2024.
Speaking on the achievement, Bolaji Agbede, Acting Group Chief Executive Officer of Access Holdings Plc, stated:
“Our customers’ trust is our most valuable asset. 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.”
Access Holdings’ investment strategy includes AI-powered transaction monitoring, biometric verification systems, real-time fraud analytics, and major upgrades to its core banking infrastructure. These technologies are designed to detect, prevent, and neutralize fraud threats with high speed and accuracy.
This forward-thinking approach aligns Access Holdings with global banking giants such as JPMorgan Chase, which also increased its tech budget to a record $17 billion in 2024 to combat cyber threats. Among Nigerian banks, Access Holdings stands out for its measurable results and strategic deployment of technology.
According to data from the Nigeria Inter-Bank Settlement System (NIBSS), reported fraud incidents in the country surged by 112% between 2019 and 2023. This sharp rise underscores the critical need for systemic digital security measures across the financial sector.
Access Holdings’ bold and proactive investments not only reinforce its leadership in Nigeria’s banking sector but also present a strong model for institutions across Africa aiming to build secure, resilient, and trusted digital financial ecosystems.
