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FinTrak Rallies Stakeholders on Efficient Credit Risk Management Using ‘FinTrak Credit 360 Software’

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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


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Ugo Onwuaso is an ICT enthusiast. He believes technology should be used for general good. He holds a Master of Public Administration (MPA) degree from the Lagos state University. Dear Reader, Your support matters. But we believe that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. That is why, we have devoted our energy to independent reportage of technology and finance and how they affect lives. Our incisive and analytical view of how technology news affects the daily life help individuals and organizations make up their minds. Quality journalism costs money. Today, we're asking that you support us to do more. Kindly support our effort to deliver technology and finance journalism to everyone in the world. Donate as little as N1,000. Bank transfers can be made to: UBA Plc 1017156876 Communication Week Media Ltd

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Telcos Defend N6.98 USSD Charge despite Failed Transactions

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Association of Licensed Telecommunications Operators of Nigeria (ALTON), has defended the N6.98 Unstructured Supplementary Service Data (USSD), fee charged on banking transactions, insisting that the cost reflects the service provided by network operators, regardless of whether the transaction is completed.

Telcos Defend N6.98 USSD Charge despite Failed Transactions

Gbenga Adebayo, chairman, ALTON, made the clarification during a radio programme, where he addressed growing consumer complaints over what many Nigerians have described as “unfair billing” and the alleged “scam” of data expiration.

Adebayo likened the role of telecommunications companies in USSD transactions to that of a transport service provider facilitating access to banks’ digital platforms.

He said: “The phone company is like a taxi taking you to the bank’s digital office. Even if the bank’s system is down when you get there, you still have to pay the taxi man.

“Every USSD request initiated by a subscriber utilises network resources, irrespective of the outcome of the transaction on the bank’s end.

“When customers make repeated attempts due to failed transactions, telecom operators still provide connectivity for each attempt, thereby incurring operational costs,” he explained.

On the lingering dispute between telecom operators and banks over failed USSD transactions, Adebayo disclosed, “that regulators, including the Nigerian Communications Commission (NCC), and the Central Bank of Nigeria (CBN), are currently reviewing data to determine responsibility for transaction failures.

“Each time you dial a USSD code, the telco provides the access. If the bank does not complete the transaction, it does not negate the fact that the network has already been used,” he added.

The ALTON Chairman also addressed widespread dissatisfaction over data expiration, clarifying that data bundles are sold within defined validity periods and are not designed for indefinite use.

“You can’t carry it in perpetuity, but you have the benefit of extending it without losing unused portions by just resubscribing,” he said.

He explained that subscribers can retain unused data through rollover options, provided they renew their subscriptions before the expiration of the current bundle.

Adebayo further shed light on the concept of toll-free lines, noting that such services are not entirely free but are funded by the receiving organisation.

“There is nothing like free service. These are reverse charge lines where the business or government pays for the calls,” he explained, adding that economic realities have made many organisations reluctant to sustain such costs.

He noted that this has contributed to the limited availability of toll-free services in Nigeria.

While acknowledging consumer frustrations, Adebayo stressed the need for greater public understanding of how telecom services operate, particularly the cost implications of maintaining network infrastructure.

 


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EU Warns Meta Could Face Huge Fine Over Underage Facebook, Instagram Users

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European Union (EU) has warned that Meta may be failing to effectively prevent children under the age of 13 from accessing its social media platforms, including Facebook and Instagram.

EU Warns Meta Could Face Huge Fine Over Underage Facebook, Instagram Users

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The warning followed an investigation conducted under the Digital Services Act (DSA), which found that the company’s age-verification safeguards may be inadequate.

EU regulators said preliminary findings showed that children could easily bypass age restrictions by providing false birth dates during registration.

They also noted that tools for reporting underage users were difficult to locate and use, raising concerns about children’s exposure to inappropriate content and online risks.

EU Executive Vice-President for Tech Sovereignty, Security and Democracy, Henna Virkkunen, said platform rules should go beyond written policies.

“Terms and conditions should not be mere written statements, but rather the basis for concrete action to protect users, including children,” Virkkunen said.

Under Meta’s policies, users must be at least 13 years old to create accounts on its platforms.

However, EU officials said the company’s enforcement mechanisms appeared insufficient and did not adequately address the risks posed to younger users.

If the findings are upheld, Meta could face penalties of up to six per cent of its global annual turnover under the Digital Services Act.

The company, however, rejected the allegations, saying it already operates systems designed to detect and remove underage accounts.

Meta added that it would continue to cooperate with EU regulators on the matter.

The investigation, launched in May 2024, forms part of the EU’s wider push to strengthen oversight of major technology firms and improve online safety for children.

Regulators are also reviewing broader platform design concerns, including features they describe as potentially addictive and harmful to users’ wellbeing.

The EU is considering additional measures, including the possibility of introducing a bloc-wide minimum age restriction for social media use, amid growing pressure for tighter child safety regulations online.


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Experts Highlight Cybersecurity, Power as Key to Africa’s Digital Economy Growth

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Industry experts have identified cybersecurity, reliable power supply, data infrastructure expansion, and interconnectivity as critical factors for unlocking Africa’s digital economy potential.

Experts Highlight Cybersecurity, Power as Key to Africa’s Digital Economy Growth

The experts spoke at the IoT West Africa 2026 Conference and Data Centre Cloud Expo held in Lagos.

In his keynote address, the National Commissioner and Chief Executive Officer of the Nigeria Data Protection Commission (NDPC), Dr Vincent Olatunji, said Africa’s rapid digital transformation was being accompanied by growing cybersecurity threats.

Olatunji said cyberattacks now occur globally every 39 seconds, with annual cybercrime losses estimated at 10.5 trillion dollars.

According to him, Nigeria records over 4,000 cyberattacks weekly, accounting for about 45 per cent of incidents across Africa.

He added that financial losses linked to cybercrime in Nigeria exceeded ₦12 billion in 2024.

Olatunji said global data generation had reached approximately 402.89 million terabytes daily and was projected to increase from 181 zettabytes to 221 zettabytes.

“Data is now the new oil, driving everything from IoT to cloud services and digital platforms,” he said.

He noted that Nigeria’s digital economy was currently valued at 18.3 billion dollars and could double within the next five years.

During a fireside chat on “Role of Colocation in Enabling Africa’s Data Centre Transformation: Opportunities and Challenges,” stakeholders highlighted energy supply, affordability, and global-standard infrastructure as essential to sector growth.

Chief Executive Officer of Nxtra by Airtel, Yashnath Issur, said Africa’s data centre market must compete at international standards.

“This market is no longer local; it is a global business requiring global quality, scale and expertise,” he said.

Chief Executive Officer of Rack Centre, Lars Johannisson, described energy as the sector’s biggest growth challenge.

“Data centres are about power, cooling and people. Energy is the machine that will power our growth, and without fixing it, scaling will remain constrained,” he said.

Managing Director of Equinix West Africa, Wole Abu, stressed the importance of interconnectivity within digital infrastructure ecosystems.

“A data centre without interconnection is like a ship, but an interconnected one is a port that enables trade and economic growth,” he said.

Representing African Infrastructure Investment Managers, Akinsehinwa Akin-Taylor said capital remained available, but investors were now placing greater emphasis on bankability, quality assets, and strong operational records.

Also speaking, Ifeanyi Otudoh of MTN called for broader digital inclusion and stronger local capacity building.

“We must put digital capability in the hands of African innovators and ensure secondary cities are not left behind,” he said.

Gary Chomse of Vertiv noted that unstable electricity supply continues to influence data centre infrastructure design across Africa.

At a panel session on digital twins and data centre optimisation, experts said adopting digital twin technology could improve operational efficiency, predictive maintenance, and risk management.

Chief Executive Officer of Kasi Cloud, Johnson Agogbua, said digital twins could improve power optimisation and help operators detect issues before they escalate.

“The biggest headache in Nigeria is power. Digital twins help you understand how power behaves and visualise problems before they occur,” he said.

Morris Nmor of Uptime Institute said the technology could significantly reduce system failures and operational risks.

Experts also noted that digital twins could improve cooling systems, reduce operational costs, strengthen cybersecurity, and enhance energy efficiency.

They agreed that integrating stronger cybersecurity systems, data infrastructure, and emerging technologies would be essential to building Africa’s digital future.


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