Global financial fraud is on the rise, with annual losses exceeding $485 billion.
In response, Access Holdings PLC is setting a new benchmark in Africa’s banking sector. They are doing this through significant and strategic investment in technology, designed to combat this growing threat. Nigeria’s financial sector has seen a surge in digital fraud, especially through mobile and online platforms. Access Holdings has become a leader in fraud prevention by embracing innovation.
In 2024, Access Holdings, the parent company of Access Bank, invested a record ₦193.5 billion (approximately $120.5 million) in technology. This represents a 147% increase compared to the previous year and is the highest IT spending in Nigeria’s banking industry. This ambitious approach has yielded impressive results. The Group reported a 73% reduction in fraud-related losses, dropping 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 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 such as JPMorgan Chase are increasing their technology budgets to combat fraud, with a record $17 billion in 2024. Nigeria is also investing. Among local banks, Access Holdings has shown the strongest link between strategic tech spending and a measurable reduction in fraud.
Access Holdings’ investments include AI-driven transaction monitoring, biometric verification systems, upgraded core banking systems, and real-time fraud analytics. These are all designed to detect and respond to threats quickly and accurately.
While digital innovation is expanding access to banking, it has also exposed customers and institutions to evolving threats. According to data from the Nigeria Inter-Bank Settlement System (NIBSS), fraud incidents in the country increased by 112% from 2019 to 2023, highlighting the urgent need for systemic countermeasures.
Access Holdings’ proactive approach not only confirms its leadership in Nigeria’s digital banking landscape but also offers a compelling model for financial institutions across Africa looking to build trust in an increasingly digital world.
Discover more from AfricShowbiz NG
Subscribe to get the latest posts sent to your email.