As financial fraud continues to strike across the globe, Access Holdings PLC has stepped up to combat the worrying trend in Africa.
The company recently set a new standard in the continent’s banking industry by making strategic investments in technology to end all kinds of fraud cases destabilising its sector.
As financial fraud exceeds $485 billion in 2025, Access Holdings PLC has stepped in to address the recent digital fraud trend in Nigeria’s financial sector, especially through mobile and online channels.
The company has emerged as a front-runner in fraud prevention via innovation, citing the trust of customers as its most valuable asset.
Last year, Access Holdings, owner of Access Bank, recorded a remarkable N193.5 billion ($120.5 million) in tech investments, a 147% increase over the previous year and the highest IT spend in Nigeria’s banking industry. This courageous step paid off immensely, as the company reported a 73% decrease in fraud-related losses, falling from N6.15 billion in 2023 to just N1.64 billion in 2024.
Speaking via a press statement, Bolaji Agbede, Acting Group Chief Executive Officer of Access Holdings Plc, said that in a world of increasing digital risks, the bank has decided to lead with innovation and resilience.
According to him, the company’s consistent investment in cybersecurity, AI-driven fraud detection, and biometric authentication has been yielding good fruits, hence the reason they are inspired to do more.
“Our customers’ trust is our most valuable asset. 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,” he said.
Access Holdings’ investments include AI-driven transaction tracking, biometric verification systems, improved core banking upgrades, and real-time fraud analytics, all designed to tackle and speedily react to all kinds of financial threats as soon as they are detected.
The financial institution’s proactive effort not only proves its leadership in Nigeria’s digital banking landscape, it should also serve as an inspiration to other financial institutions across Africa that are looking to lock down trust in an increasingly digital world.
Folami David is a dynamic journalist who views the world through an analytical lens, translating complex narratives across multiple industries into compelling stories. With an insatiable appetite for information and a keen eye for emerging trends, Folami specializes in uncovering the interconnections between technology, business, culture, and society.
