Access Holdings, the parent company of Access Bank, spent a jaw-dropping ₦193.5 billion ($120.5 million) on tech in 2024.
The bank spent 147% more on tech than it did in the previous year, more than its competitors—GTCO, UBA, and Zenith Bank. GTCO, for instance, spent ₦88 billion ($56.8 million) on IT expenses, Zenith spent ₦67.3 billion ($43 million), while UBA spent ₦48 billion ($30.5 million).
Much of Access Bank’s tech expenses were spent on upgrading the bank’s core banking software and beefing up cybersecurity to drive down fraud losses.
Access Bank told reporter Bunmi Bailey that most of the increases are “vendor-driven, especially in areas like licensing, technical support, and niche services.”
On the other hand, analysts say they are trying to keep fintech upstarts like OPay and Moniepoint from stealing their lunch. Some also say that the banks are trying to drive down fraud losses.
The result so far? Fraud losses dipped 73%, from ₦6.15 billion to ₦1.64 billion, for Access Bank.
There is more in Bailey’s report.
