Telecom
FinTrak Rallies Stakeholders on Efficient Credit Risk Management Using ‘FinTrak Credit 360 Software’
Fintrak Software Limited, Nigeria’s foremost indigenous financial technology (Fintech) solution provider has rallied together banking and financial sector stakeholders on the need to adopt its robust Credit Risk Management solution known as FinTrak Credit Risk 360.
Speaking during the presentation, Bimbo Abioye, Group Managing Director, Fintrak Software Limited, stated that FinTrak software delivers customized state of the art business transformation solutions that can intelligently combine efficiency with critical information needed for management decision-making process.
He noted that FinTrak Credit 360 software has been able to improve user bank overall operational efficiency by over forty percent through automated strategic and digitized policy controls”
“In order to limit human error to the barest minimum, Credit 360 solution comes with artificial intelligence (AI) features.
“This feature can be used to work on corporate, retail and digital lending programs and the goal is to provide visibility and control of loan processes and to digitalize it, this is from customer interaction to the complete life cycle of a typical credit transaction.
“The solution is integrated with robust document management system providing capability for operators to work remotely even on their mobile devices.
“The Credit 360 software for credit managers is mobile friendly for optimized transaction turnaround times with paperless transaction capabilities. The software has been proven to make loan underwriting easier and seamless,” he stated.
Coming in two major languages, English and French, the new Credit 360 software has been described as industry leader and benchmark, a testament of what FinTrak Software Co. Ltd can create.
With its ability to be customized to fit into the organization environment. The FinTrak Credit Risk360 has the capacity to adapt to client’s specific requirements via an intuitive graphical administration platform based on the business and compliance rules management system.
Another unique attribute of the software is the Dynamic Alert and Notification Module in system popup, email and SMS formats. This feature helps in optimizing compliance monitoring, reporting and transparency.
With a high level of integration with other banking systems, the system requires no manual postings and update activities on the core banking system and data exchanges happen between the two systems via API, Fintrak Credit 360 risk management software supports all operational/analytical credit risk management processes such as reporting, annual, monthly, weekly financial statement analysis and rating; on a central platform.
The Credit 360 risk management software is a complete solution on its own. The FinTrak Credit Risk 360 supports registration and interaction with accredited vendors, allowing auto payment to solicitors, capture of remedial and recovery efforts, auto selection and assignment of recoveries to external agencies, and loan sales.
With a multi lingual approach basically in English and French, the software tracks everything relating to business subjects and people. The platform is written to do dynamic underwriting, loan management and analyst rating that can embedded in dynamic approval routing.
FinTrak Credit Risk 360 ensures maximum auditability for model administration as well as during the operational execution of processes such as risk rating and financial spreading.
Other features of the solution include Robust Collateral Management Module for Collateral sharing, Utilization history and exposure, Multiple contract allocation, Collateral swap, Location tracking, Collateral rating, Collateral Valuation, Collateral realization, Collateral document file tracking, Covenants tracking and many more.
Olamide Olayeni, a top banker and Credit Manager from Standard Chartered Bank said that “The solution from the presentation is a robust and one-shop platform, and the feedback from what banks and users are saying confirms that it is what every bank needs to look at. I will get back to my organization and engage them on the need to look at the Credit Risk 360 software.
It is a one stop solution as opposed to other software where you can have things subscribed differently.” Jafaru, the head of Credit and Risk Management, Bank of Industry (BOI) said that “this is a great privilege to be here and see what this software is doing. We have been doing some of these things manually and we have now extended the invitation to the company so that they can come to our office and explain this better to us. We are impressed with the software. The credit monitoring software has many features that are great, the issue of alert that helps managers to monitor instruments. “
Paul Asiemo, Head, Risk Management for Access Bank, said, “that the software takes care of Bassel, this software looks at regulating reporting and others, there are specific things that this software does that sets it apart from others.
“We have been using FinTrak Software solutions in our bank for over fifteen years ago and we are impressed with what they have done.
“Using Credit Risk 360 software in Access Bank has shown how flexible the software is. The software insulates you from many documentation issues such including forex issues associated with foreign software purchases etc.
“The Credit Risk 360 software is very adaptable and can be changed to fit into your banking environment”.
FinTrak Credit Risk 360 has an embedded Enterprise Document Management System which can be used to receive, track and manage and audit documents; it also supports correspondence with third parties’ applications. With its web functionalities, Credit Origination and Approval activities can be done from anywhere in the world with connection to the internet. This feature helps executives make critical decisions, execute transactions and access reports and dashboard from any geographical location.
FinTrak Credit Risk 360 software has been deployed in some large financial institutions such as Access Bank Plc, First Bank and is currently in deployment at Wema Bank Plc and all overseas subsidiaries of Access Bank Group. So many others banks in Africa are currently at different stages of licensing decision of this highly strategic solution that burst all headaches facing professionals in credit risk management activities
Telecom
Glo Lucky Number Draw Game Winners Get Cash Prizes
Subscribers who won in the Glo Lucky Number game have received their prizes at a presentation ceremony held in Lagos. The prizes ranged from N1m to N100,000.
Globacom’s Head of Value Added Services disclosed that the Lucky Number game is for everyone on the Glo network. Said he: “Customers can subscribe in two ways. The first is to dial the USSD code *4445# and follow the instructions. They can also text WIN or WINOT (daily), LW or LWOT (Weekly), LM or LMOT (Monthly) to the short code 4445”.
In all, seventeen lucky subscribers who made the first set of winners received cash prizes ranging from N100,000 to N1,000,000 while winners outside Lagos got theirs at designated locations across Nigeria. Globacom said just many more Glo subscribers would emerge winners in the weeks and months ahead.
The daily draw game was created in collaboration with NCC-licensed Aggregator, Pisimobile, and VAS Provider, Yellowdot. Subscribers’ mobile numbers are automatically entered into a random selection process while the winning numbers must sequentially match a randomly selected number from the pool of active Glo subscribers, matched from right to left.
Lagos-based dry cleaner, Yusuf Malzo from Bauchi State, a N1,000,000 winner was excited saying “The money would come in handy in expanding my business”.
Also, Olajide Afolabi, a security man based in Ondo town, won N500,000. He disclosed that he had been playing the number game for some time, though he had been unlucky. “Just as I was about giving up, my name was announced as a winner”, he disclosed adding, ” I promise to continue to play as the money has changed my life”.
A Lagos-based driver, Emmanuel Henry who said he placed himself on auto play every day and every month received a N100,000 prize. He noted that his prize had prompted him to keep playing the number game in order to win more money.
Telecom
Mobiles Poised for Second Lives this Christmas as a Third of Consumers ‘Recycle’ Phones Within the Family
Millions of family members will receive ‘hand-me-down’ mobiles this Christmas, as tech-savvy younger consumers upgrade their phones to the latest model.
However, while globally a third of us will give our old phones to family or friends, around 75% of consumers still have at least one older phone sitting in the junk drawer, according to early figures from a new survey of 10,000 consumers across 26 countries by the GSMA, which represents mobile operators worldwide.
Globally, over 40% of mobile phones have some form of ‘second (or third) life’; being passed down to family members or friends and traded in for newer models, often over the Christmas period.
Around 14% of phones in current use globally were purchased used or refurbished, with nearly 10% of UK consumers buying refurbished phones, compared to a global average of 4%.
The used smartphone market grew by 6% in 2023, while sales of new handsets declined by 4%. Furthermore, the growth rate for reused and refurbished devices is projected to continue outpacing that of new smartphones in the coming years.
However, nearly one-third of consumers hold on to their previous phones as backups, contributing to an estimated 5-10 billion ‘pre-loved’ phones sitting idle worldwide. Many (27%) keep these devices out of concern for losing stored photos and memories, while a further fifth of consumers hold on to their devices because they don’t know what to do with them.
While receiving cash is the strongest incentive to get respondents to hand in their phones for reuse or recycling, equally important is knowing their data would be deleted properly.
Early figures from the GSMA’s global consumer survey into recycling and reuse of mobile devices, which will be released at MWC Barcelona, the mobile industry’s largest annual event in March, also found that:
- The average age of phones before replacement is around 3 years, with the vast majority of phones (75%) lasting between 1-3 years.
- Almost 60% of consumers expect to purchase their next phone within the next two years.
- Older people use phones for longer before replacing them, with over 40% using their phones for longer than 3 years.
- The top two factors that drive replacement of phones are 1) battery life (very important for 90% of consumers) and 2) poor performance / slowing down (87%). 50% said they would replace phones just to get the latest model.
- 75% of respondents had at least one old phone at home not in regular use with nearly half (46%) having at least two old phones.
Encouragingly, nearly half of consumers (49%) said sustainability is a “very important” factor in their next mobile phone purchase, and this is higher amongst younger consumers, demonstrating that interest in more sustainable and circular mobile devices is growing.
Steven Moore, Head of Climate Action at the GSMA, said: “This extensive survey shines a light on how many of us around the world are more aware of the environmental impact of our phones, want to use them for longer, but also want secure and easy ways to trade them in responsibly. With these markets only expected to grow, this presents many opportunities for companies to innovate to serve this demand.”
Reuse and recycling are increasing points of focus for mobile operators worldwide, as they move towards a more circular economy for mobile devices and network equipment –16 mobile operators have signed up to the GSMA’s pace-setting targets on circularity of mobile devices, and the GSMA’s recently launched Equipment Marketplace is helping operators reuse expensive and material-intensive network kit.
Meanwhile countries such as Australia have introduced dedicated targets and even recycling schemes for mobile phones, with positive results – survey results show that Australia has the world’s highest recycling rate for mobiles.
Recycling devices can reduce the need to mine for new materials and avoid environmental impacts while supporting the mobile industry to move towards its ambitious 2050 Net Zero goal.
A refurbished phone has just one-tenth the environmental impact of a newly manufactured phone. The GSMA estimates that if properly recycled, five billion mobile phones – just half of our latest estimate of dormant devices – could recover USD 8 billion worth of gold, palladium, silver, copper, rare earth elements, and other critical minerals, and enough cobalt for 10 million electric car batteries.
Using such materials could help manufacturers develop more robust and secure supply chains and lower the impact of mining operations on biodiversity and communities in sensitive global regions.
At the same time, operators recognise that further work is needed to address concerns that stop people from returning handsets, such as data privacy, the need to save precious memories stored on devices, and the desire to keep a spare device.
Telecom
Techeconomy Recognized as Best Supportive Media Partner by NiRA
Techeconomy, a leading voice in Nigeria’s digital media space, has been awarded the Best Supportive Media Partner Presidential Award at the 7th .ng Awards.
Organised by the Nigeria Internet Registration Association (NiRA), the event took place at the Muson Centre, Onikan, Lagos, and celebrated leaders who have leveraged the .ng domain to drive innovation, growth, and right standing across Nigeria’s digital sector.
Themed “The Innovators of 2024,” the 7th .ng Awards celebrated businesses, individuals, and organisations that are advancing Nigeria’s internet ecosystem through creativity, local content, and technological impact.
Speaking on the awards, Mr. Adesola Akinsanya, president of NiRA, said they are part of the Association’s focus on promoting the .ng domain as a symbol of national pride and an enabler of digital transformation.
He said that Techeconomy’s recognition as NiRA Presidential Award for Best Supportive Media Partner “reiterates its relentless efforts in amplifying the importance of the .ng domain and supporting Nigeria’s tech sector”.
Speaking on the honour, Mr Peter Oluka, editor of Techeconomy, said: “This recognition affirms our steadfastness in driving Nigeria’s digital prospects through responsible and impactful journalism. We have always believed in the .ng domain as an important element of Nigeria’s digital identity, and this award inspires us to do even more.”
Organised annually by NiRA, the awards aim to spotlight the unlimited power of the .ng domain in areas such as e-commerce, fintech, education, media, and governance.
Winners were selected based on criteria including website relevance, functionality, user experience, and local content creation. Public votes accounted for 40% of the total score, with the remaining 60% determined by a distinguished judging panel.
Techeconomy’s Contributions to the .ng Domain Ecosystem
Techeconomy has consistently highlighted the strategic importance of the .ng domain in Nigeria’s growing digital economy.
During the NiRA Tech Convergence 1.0 Fireside Chat held earlier this year, Mr Oluka emphasised the .ng domain’s dual role as a branding tool and a representation of Nigeria’s identity in the global digital space.
“The .ng domain gives businesses and individuals a unique identity that points out their connection to Nigeria. It’s not just a technical tool; it’s a symbol of national pride and global competitiveness,” said Mr Oluka.
He also pointed to the branding and Search Engine Optimization (SEO) advantages of the .ng domain, stating that businesses using .ng are more visible within Nigeria while remaining accessible globally.
“For example, at Techeconomy, our traffic consistently comes not only from Nigeria but also from countries like the US, UK, South Africa, and Ghana. The .ng domain helps businesses attract both local and international attention,” he explained.
The Significance of the Award
The Best Supportive Media Partner award reaffirms Techeconomy’s indispensable role in promoting Nigeria’s internet space.
Through its thought leadership, the platform has empowered startups, SMEs, and established companies to leverage the benefits of the .ng domain.
Techeconomy has helped amplify the relevance of the .ng domain and encouraged digital adoption across sectors. The company’s focus on supporting the space deserves this recognition.
He said that Techeconomy will continually drive conversations around the adoption of the .ng domain and stimulate a resilient digital economy in Nigeria.
The platform encourages businesses and individuals to embrace the .ng domain, emphasising its affordability, local advantages, and global reach. For those interested in registering their own .ng domain, visit register.ngfor seamless onboarding into Nigeria’s digital ecosystem.
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