Access Holdings Invests ₦193.5 Billion in Tech, Sets Benchmark in Fraud Reduction

Lagos, Nigeria – Amidst a global surge in financial fraud, Access Holdings PLC is establishing a new benchmark in Africa’s banking sector through significant and strategic technology investments aimed at combating this growing threat. 

With Nigeria's financial sector experiencing a rise in digital fraud, particularly through mobile and online channels, Access Holdings has emerged as a leader in fraud prevention through innovation.

In 2024, Access Holdings, the parent company of Access Bank, made a landmark technology investment of ₦193.5 billion ($120.5 million), marking a 147% increase from the previous year and the highest IT expenditure in Nigeria’s banking industry. This substantial investment has yielded significant results, with the Group reporting a remarkable 73% drop in fraud-related losses, decreasing from ₦6.15 billion in 2023 to just ₦1.64 billion in 2024.

Bolaji Agbede, Acting Group Chief Executive Officer of Access Holdings Plc, emphasized the importance of customer trust, stating, “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.”

Globally, banks like JPMorgan Chase are also increasing their technology budgets to combat fraud, reaching a record $17 billion in 2024. In Nigeria, Access Holdings has demonstrated the strongest link between strategic technology spending and significant fraud reduction among its peers.

Access Holdings’ investments encompass AI-driven transaction monitoring, biometric verification systems, enhanced core banking upgrades, and real-time fraud analytics, all designed to swiftly and accurately detect and respond to evolving threats.

While digital innovation broadens access to banking services, it has also exposed customers and institutions to new and evolving threats. Data from the Nigeria Inter-Bank Settlement System (NIBSS) reveals a concerning 112% surge in fraud incidents in Nigeria between 2019 and 2023, highlighting the urgent need for robust countermeasures.

Access Holdings’ proactive approach not only solidifies its leadership in Nigeria’s digital banking landscape but also presents a compelling model for financial institutions across Africa seeking to build and maintain trust in an increasingly digital world.