In response to Nigeria’s alarming surge in digital fraud, particularly across mobile and online platforms, Access Holdings has strategically deployed substantial resources to innovate and enhance its security infrastructure, against cyber frauds, reports ITREALMS.
This, ITREALMS gathered, constitutes the largest IT expenditure in Nigeria’s banking history and reflects the Group's unwavering commitment to safeguarding its customers' assets. This strategic investment has yielded remarkable results, with the Group reporting a 73% reduction in fraud-related losses, plummeting from ₦6.15 billion in 2023 to ₦1.64 billion in 2024.
“At Access Holdings, our customers’ trust is paramount,” stated Bolaji Agbede, Acting Group Chief Executive Officer. “In an age characterized by escalating digital risks, we have strategically prioritized innovation and resilience. Our sustained investment in cutting-edge cybersecurity measures, AI-powered fraud detection, and advanced biometric authentication technologies is demonstrably effective, significantly enhancing the security of our digital banking ecosystem and bolstering confidence in our platforms.”
Globally, leading financial institutions like JPMorgan Chase, which allocated a record $17 billion to technology in 2024, are recognizing the critical importance of robust technological defenses against fraud. Access Holdings stands out in the Nigerian market, having demonstrated the strongest correlation between strategic technology investment and tangible fraud reduction outcomes.
Access Holdings' substantial investment is channeled into a diverse array of sophisticated technologies, including AI-driven transaction monitoring systems, state-of-the-art biometric verification, comprehensive upgrades to core banking infrastructure, and real-time fraud analytics platforms, all engineered to identify and neutralize threats with unparalleled speed and precision.
The rapid expansion of digital banking accessibility has, unfortunately, coincided with an alarming increase in sophisticated cyber threats. Data from the Nigeria Inter-Bank Settlement System (NIBSS) reveals a staggering 112% surge in fraud incidents between 2019 and 2023, underscoring the urgent necessity for robust and proactive countermeasures.
“At Access Holdings, our customers’ trust is paramount,” stated Bolaji Agbede, Acting Group Chief Executive Officer. “In an age characterized by escalating digital risks, we have strategically prioritized innovation and resilience. Our sustained investment in cutting-edge cybersecurity measures, AI-powered fraud detection, and advanced biometric authentication technologies is demonstrably effective, significantly enhancing the security of our digital banking ecosystem and bolstering confidence in our platforms.”
Globally, leading financial institutions like JPMorgan Chase, which allocated a record $17 billion to technology in 2024, are recognizing the critical importance of robust technological defenses against fraud. Access Holdings stands out in the Nigerian market, having demonstrated the strongest correlation between strategic technology investment and tangible fraud reduction outcomes.
Access Holdings' substantial investment is channeled into a diverse array of sophisticated technologies, including AI-driven transaction monitoring systems, state-of-the-art biometric verification, comprehensive upgrades to core banking infrastructure, and real-time fraud analytics platforms, all engineered to identify and neutralize threats with unparalleled speed and precision.
The rapid expansion of digital banking accessibility has, unfortunately, coincided with an alarming increase in sophisticated cyber threats. Data from the Nigeria Inter-Bank Settlement System (NIBSS) reveals a staggering 112% surge in fraud incidents between 2019 and 2023, underscoring the urgent necessity for robust and proactive countermeasures.
Access Holdings' forward-thinking approach not only solidifies its position as a leader in Nigeria’s digital banking transformation but also establishes a best-practice model for financial institutions across Africa seeking to foster trust and security in an increasingly digitized world.
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