Access Bank recorded lost of ₦1.64 billion to fraudsters in 2024 despite record ₦193.5 billion technology and digital infrastructure investment.
NewsOnline Nigeria reports that despite investing a record ₦193.5 billion ($120.5 million) in technology and digital infrastructure in 2024, Access Holdings Plc, the parent company of Access Bank, reported a fraud-related loss of ₦1.64 billion ($1.0 million) for the year.
This loss, though significantly lower than the ₦6.15 billion ($3.8 million) reported in 2023, underscores the persistent threat of cyber fraud in Nigeria’s rapidly digitizing banking sector. According to its recently released full-year financial statement, the group’s fraud-related losses dropped by 73% year-on-year, a decline analysts attribute to its aggressive push into cybersecurity and core system upgrades.
ALSO: Access Holdings Reports N867.019 Billion Profit After Tax For FY 2024
Access Holdings’ record-breaking tech investment, up 147% from the previous year is the highest among Nigerian financial institutions, outpacing rivals. A significant portion of this spending went into core banking software upgrades, cybersecurity fortification, and expansion into new markets like Hong Kong, Namibia, and Tanzania.
Industry experts believe the investments have paid off in terms of reduced fraud exposure. “I suspect the group invested in cybersecurity infrastructure, especially given the sharp decline in losses,” said Mobifoluwa Adesina, an investment research analyst at Afrinvest West Africa.
Still, fraud remains a critical issue for Nigerian banks. While Access Holdings made notable improvements, other banks saw mixed results.
The broader Nigerian financial system has also seen rising incidents of fraud. According to data from the Nigeria Inter-Bank Settlement System (NIBSS), financial fraud cases surged 112% between 2019 and 2023, with losses ballooning by 496% to ₦17.67 billion ($11.1 million). Mobile and online platforms remain the primary channels exploited by fraudsters.
While Access Holdings continues to invest in technology to secure its digital ecosystem, analysts warn that constant vigilance, regulatory collaboration, and staff training will be critical in staying ahead of evolving fraud threats.
The company has yet to disclose its tech budget for 2025, but reaffirmed its commitment to building internal capacity and modernizing systems to protect its assets and customer trust.
