Connect with us

Telecom

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

Published

on

Kindly share this post

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


Kindly share this post

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

Telecom

Airtel Boosts NIPR Public Relations Week with Onsite Unlimited Data Connection

Published

on

Kindly share this post

Telecommunications service provider, Airtel Nigeria has collaborated with the Nigeria Institute of Public Relations (NIPR) to provide with unlimited internet access at the institute’s inaugural edition of the Nigeria Public Relations Week.

The trailblazing event themed ‘Leveraging Public Relations as a Critical Asset for Nigeria’s Economic and Reputation Renaissance’ is set to run from Monday, April 22nd to Friday, April 26th, 2024, and will welcome thousands of delegates across Nigeria to the prestigious June 12 Cultural Centre, nestled in the heart of Abeokuta, the Ogun State capital.

Speaking on the strategic collaboration, Femi Adeniran, Director, Corporate Communications and CSR, Airtel Nigeria, expressed enthusiasm about the partnership, stating, “Airtel is proud to support the Nigeria Institute of Public Relations in its endeavor to advance the field of public relations.

“The relevance of public relations practice in Nigeria cannot be overstated, as it plays a vital role in shaping perceptions, managing reputations, and influencing public opinion. Hence, our support is a demonstration of our commitment to empowering individuals and organizations with innovative solutions that drive progress and create an enabling society.”

According to NIPR, through the PRWeek Organizing \Committee Chairman, Mr Yomi Badejo Okusanya, the NPRW will gather over 2,000 experts in the fields of economics, PR, and nation-building to discuss strategies for effectively communicating government policies and initiatives to the public.

Other activities at the NPRW will include conferences, the annual general meeting, workshops, induction of new members, breakout sessions with students as well as traditional rulers and a tour of some legacy projects in Ogun state.

With Airtel’s provision of onsite unlimited data connection, attendees and participants can enjoy unparalleled access to online resources, real-time updates, and interactive engagements throughout the duration of the event. This will significantly support the exchange of ideas, foster networking opportunities, and elevate the overall experience for all stakeholders involved.

Airtel Nigeria remains committed to offering unwavering support for initiatives aimed at driving innovation, collaboration, and nation-building.


Kindly share this post
Continue Reading

Telecom

World Earth Day: Kuda Partners with Wecyclers to Clean up Communities in Lagos

Published

on

Kindly share this post

In a landmark partnership aimed at promoting sustainable waste management practices, Kuda Microfinance Bank and Wecyclers collaborated to commemorate World Earth Day on April 22, 2024. The collaboration featured a series of impactful activities designed to raise awareness and foster environmental stewardship.

The activities on the day included a webinar session facilitated by renowned expert in environmental management and head of ESG at Wecyclers, Omobolanle Olowu, during which she shared startling data on plastic pollution in Nigeria. She also discussed the importance of proper waste management and its significance in preserving the planet for future generations, providing valuable insights and practical tips on reducing, reusing, and recycling waste.

In a published study on plastic pollution in Nigeria, the country ranked ninth globally for plastic pollution with an estimated 2.5 million tons of plastic waste generated annually and less than 12% of those waste materials recycled.

Also on the day, Kuda staff volunteered for an environmental cleanup exercise, during which they took to parts of Apapa Road, Ebute Metta to empty gutters and collect plastics and other recyclable materials for recycling.

In addition, volunteers from Kuda gained firsthand knowledge of innovative waste management solutions during a guided tour of Wecyclers’ facility in Ebute Metta. The tour showcased Wecyclers’ pioneering efforts in recycling and waste upcycling, demonstrating how technology can be leveraged to address environmental challenges effectively.

Speaking about the collaboration, Emmanuel Femi-Adejobi, Senior Brand Manager at Kuda, expressed enthusiasm for the partnership’s potential to drive positive change. “We [Kuda] are committed to promoting sustainability and environmental consciousness. We also believe that our responsibility is not only to our customers and other stakeholders but also the environment that we all share. Partnering with Wecyclers allows us to inspire communities to adopt eco-friendly practices,” he said.

“Our initiatives towards achieving a sustainable environment and achieving a green earth goes beyond just recycling. We aim to inspire a broader commitment to waste minimization, reusing materials and proper sustainable waste management. As we commemorate World Earth Day, we encourage our staff, customers and general public as a whole to embrace actions that promote a green, safe earth for all,” he added.

Likewise, Esther Chibueyin Fagbo, Head, Human Resources and Partnerships at Wecyclers, emphasised the importance of collective action in addressing environmental issues. “It is very important for organisations to collaborate on initiatives that help save the environment. We are excited about this partnership because such partnerships are crucial to creating awareness and educating people about the impact of plastic waste on the planet and how they can contribute to a change that we all deserve.”

Kuda’s collaboration with Wecyclers emphasises its commitment to sustainability and championing proactive efforts through education, engagement and action to create an environmentally conscious population and a sustainable tomorrow.


Kindly share this post
Continue Reading

Telecom

Defending the Foundations for Connectivity

Published

on

Kindly share this post

By Engr. Gbenga Adebayo

In 2001, when the first GSM call was made in Nigeria, how many of us would have envisaged the digital world that we live in today?

Defending the Foundations for Connectivity

Gbenga Adebay, chairman, ALTON

The pace of growth and the rate of adoption of telecoms solutions in Nigeria has been revolutionary. It is a globally acknowledged case study that we should be proud of and a clear demonstration of what can be achieved.

Almost all of us today are reliant on the network connectivity that it has enabled in different shapes and forms. From the simple need to communicate with loved ones, to the digital platforms that enable our access to and consumption of entertainment, financial products and other critical services.

Our reliance on these systems is becoming more and more acute, whether it is citizens, governments, or corporations.

System downtime is increasingly disruptive and offline manual redundancies are often in the advanced stages of being phased out. The pace of this transition is not slowing down. With the core infrastructure in place, innovation is driving the exponential growth of services that ride on it. From the fully adopted social media that has changed the way we interact, to the emerging Artificial Intelligence (AI) revolution.

While this innovation is enabling exciting new possibilities, there is a tendency to focus on those opportunities, to the detriment of the core infrastructure on which it rides.

It is imperative that we retain a focus on the optimisation of that infrastructure and enable continued investment in its development.

We have seen how the transition from 2G, through to 3G, 4G and 5G have each enabled the development of more and more sophisticated solutions.

The continued development of core infrastructure has to be sustainable, and over the last few months we have begun to see the challenges that the operators that provide it are facing.

Both MTN and Airtel have declared significant foreign exchange (FX) losses in Nigeria, and the stress is not linked to them alone.

The entire ecosystem is battling with a range of challenges that must be addressed. If we fail to do so, the downstream impact on innovation will be severe. Telecoms infrastructure requires a base level of investment to maintain its current capabilities, and significant additional investment to expand and grow. It is capital intensive and that capital has to be generated through sustainable business models.

At the heart of the challenge the industry faces is the issue of rising costs.

Recent financial losses are directly linked to the cost of operating towers that rely on inputs like diesel, which have increased significantly as the Naira has depreciated.

The provisions large telecom companies have had to make, and the consequent losses and impact on their reserves is a red flag.

It tells us that business as usual is not sustainable. If we continue as we are, then those companies will struggle to continue to invest in and maintain existing services.

But those costs are not the only challenge. General cost inflation, multiple taxation, regular and damaging vandalisation of infrastructure and the costs associated with regulatory compliance all help contribute to the high cost of operations.

We cannot continue to follow a path that asks those companies to simply accept those rising costs. It is no longer sustainable, and we have reached an inflection point.

This is a critical moment for the industry.

How we approach and resolve it will define the future of Nigeria’s digital economy.

If you want to be able to enjoy the benefits that digitisation brings. If we want the infrastructure that enables AI and helps us drive growth, then we must take action now.

Cost-reflective tariffs, like it or not, are simply non-negotiable. We have seen the impact of price controls in other segments of the economy, like power.

If providers cannot operate sustainable business models, then they stop investing. When that happens, the existing infrastructure starts to crumble.

For power, a consumer can choose to take ownership of the solution by buying a generator, or a solar panel.

For fuel, the government can step in as the provider of last resort and manage a subsidy regime that mitigates the impact on the population. Those options are not available in the telecoms sector. There is no self-help solution.

We fully understand and appreciate the financial stress that Nigerians are experiencing today. The cost of living is the single most significant factor in most people’s daily lives.

But those people are still able to enjoy the benefits that connectivity brings, at the price they paid before these challenges became so acute.

Imagine a future in which the gains of the last twenty years are reversed. Nigeria, and Nigerians simply cannot afford it. The pain that we would feel under those circumstances would be exponentially worse.

We need to find a long-term, sustainable and manageable solution to this problem. Prices will need to rise, but action needs to be taken in a measured way, through sustainable conversations and partnership with the government. It is time to address this head on.

 

Engr. Gbenga Adebayo is chairman, Association of Licensed Telecom Operators of Nigeria (ALTON).


Kindly share this post
Continue Reading

Trending