The long-held industry belief that stronger IT investments lead to reduced fraud exposure appears to be under pressure at Access Bank, as recent figures show rising fraud-related losses despite significant spending on technology upgrades.
According to a report monitored by The Octopus News on TechCabal, Access Bank increased its technology expenditure by 147.94% in 2024, bringing total IT spending to ₦193.52 billion ($133.63 million). The bank has already invested an additional ₦69.45 billion ($47.96 million) in tech infrastructure this year. However, these investments have not translated into lower fraud incidents, with losses instead continuing to rise.
Access Holdings Chairman, Aigboje Aig-Imoukhuede
TechCabal reports that Access Bank’s fraud losses surged by 254.02% to ₦1.64 billion ($1.13 million) in H1 2025, compared to ₦464.12 million ($320,478) recorded in the same period last year.
Fraudulent transfers, withdrawals, and account reactivations accounted for ₦617.11 million ($426,119) of these losses. Access Holdings’ financial statement further revealed that the largest portion of losses stemmed from the presentation of forged instruments, which cost the bank ₦831.96 million ($574,475).
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In total, Access Bank recorded fraud attempts amounting to ₦2.25 billion ($1.55 million) in the first half of 2025, of which ₦1.64 billion ($1.13 million) resulted in actual losses.
“The actual loss incurred by the bank for the period was ₦1.64 billion (June 2024: ₦464.12 million),” TechCabal quoted Access Bank as saying.
According to the report, the figure represents the bank’s highest six-month fraud loss since June 2023, when it recorded ₦5.46 billion ($3.77 million) in fraud losses, largely driven by unauthorized transfers and withdrawals.
Access Bank recorded 1,289 fraud incidents as of June 2025—lower than the 2,823 cases logged in 2023 but higher than the 936 incidents recorded in June 2024.
Industry watchers have expressed concern over the rising trend, noting that the bank’s continued exposure underscores the evolving sophistication of financial fraud and the need for stronger preventive systems across the industry.
Efforts to reach Access Bank for comment were abortive as at time of filling this report.
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