Access Bank records N1.69bn loss to fraud in 2024 despite strong earnings surge

Access Bank Plc, one of Nigeria’s leading financial institutions, suffered a financial loss of N1.69 billion to fraud-related incidents in 2024, according to its Full Year 2024 Financial Report released on Wednesday, April 16, 2025.

The report, obtained by this publication, detailed that the bank experienced 11,410 successful fraud incidents involving N3.5 billion within the year under review.

This reflects a significant increase in the number of cases compared to 2023, when the bank recorded 6,634 incidents involving a higher total amount of N8.61 billion.

Despite the rise in incident numbers, Access Bank managed to sharply reduce its actual losses from fraud and forgery. In 2023, the institution had recorded a loss of N6.15 billion to fraud, but that figure dropped by over 72% in 2024 to N1.69 billion.

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The report also noted a decline in failed fraud attempts, with 1,846 unsuccessful cases involving N149.3 million in 2024, compared to 6,405 failed attempts involving N1.69 billion in the previous year.

“This report represents the fraud and forgery incidents that occurred during the year. It is a summation of attempted and successful fraud incidents. The actual loss that was incurred by the Bank for the year is N1.69 billion (December 2023: N6.15 billion),” the report clarified.

Meanwhile, Access Bank also faced regulatory sanctions during the year. It had earlier reported that the bank was fined approximately N1.2 billion for various regulatory contraventions by bodies including the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC).

Despite these challenges, Access Bank reported an impressive financial performance for the year. The Group posted an 88% year-on-year growth in gross earnings, increasing from N2.594 trillion in 2023 to N4.878 trillion in 2024.

The strong performance was attributed to diversified income streams. Interest income grew by 110% to N3.480 trillion, while non-interest income rose by 47.8% to N1.397 trillion. The bank credited the growth to an expansion in retail banking, increased digital innovation, and a dynamic trading strategy.

Access Bank’s ability to grow earnings substantially while tightening its risk exposure to fraud highlights both the opportunities and operational risks faced by financial institutions in Nigeria’s dynamic banking environment.