By Akpos Oje
As global financial fraud soars beyond $485 billion in annual losses, Access Holdings PLC is raising the bar in Africa’s banking sector by committing a record-breaking ₦193.5 billion ($120.5 million) in technology investment through its flagship subsidiary, Access Bank.
This aggressive strategy marks a 147% increase over the previous year and the highest tech spend in Nigeria’s banking industry, aimed squarely at countering the surge in digital fraud.
Nigeria’s financial sector has seen a sharp rise in digital fraud incidents, particularly across mobile and online channels. In response, Access Bank has prioritized cutting-edge technology solutions to protect its customers and infrastructure.
This approach is already yielding significant results. Fraud-related losses dropped dramatically by 73%, falling from ₦6.15 billion in 2023 to ₦1.64 billion in 2024—a direct outcome of the bank’s strategic tech deployment.
“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.”
Access Holdings’ technology investments include AI-powered transaction monitoring systems, real-time fraud analytics, biometric verification tools, and enhanced core banking infrastructure—all designed to detect and neutralize threats with unprecedented speed and accuracy.
Globally, institutions such as JPMorgan Chase are responding similarly, budgeting a record $17 billion for technology in 2024 to combat fraud and strengthen infrastructure. Closer to home, Access Bank’s investment signals not only leadership within Nigeria’s financial sector but also serves as a benchmark for African banks navigating the rising tide of cyber threats.
According to data from the Nigeria Inter-Bank Settlement System (NIBSS), financial fraud incidents in the country increased by 112% between 2019 and 2023, highlighting the urgent need for innovative countermeasures across the sector.
