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History as Fintrak Software Unwraps Africa’s First AI-Powered Credit Management Software

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Fintrak Software Limited, a financial technology (Fintech) firm headquartered in Lagos, has set a new benchmark in the African financial landscape with its introduction of AI-powered “Fintrak Credit 360”.

History as Fintrak Software Unwraps Africa’s First AI-Powered Credit Management Software

This cutting-edge credit management software, laced with the power of Artificial Intelligence and Machine Learning, is poised to revolutionise credit processes within banks and allied institutions across the continent.

Bimbo Abioye, group managing director, said the software’s transformative impact on the credit lifecycle. Unlike conventional banking solutions, Fintrak Credit Risk 360 comprehensively captures every stage of credit management, from origination and appraisal to customer approval, loan approval, and even rescheduling.

In a recent international webinar engagement spanning multiple African countries, from Kenya to Tanzania, Gambia, and Uganda, Fintrak Software showcased its innovative software to a gathering of prominent industry players and bankers.

The infusion of Artificial Intelligence (AI) ensures a flawless execution of these processes, eradicating the possibility of human error.

Abioye noted that the software’s ability to automate credit transactions, including intricate processes like payday loans, end to end.

Through strategic integration with credit bureaus and regulatory bodies like the Central Bank of Nigeria, Fintrak Credit Risk 360 emerges as a holistic solution for any bank, empowering them to manage various loan types effectively.

In the words of Omar Mboob, a seasoned banker from Gambia, “Fintrak’s software has streamlined its operations, introducing meticulous underwriting and enhancing client oversight.” The automation features have instilled confidence in auditors due to adherence to international financial reporting standards (IFRS), significantly boosting efficiency and productivity.

The system further extends its functionality to accommodate various approval levels, from bank officers to credit committees and board committees.

It provides mobile loan approval capabilities, ensuring flexibility and accessibility for stakeholders involved in the approval process.

Through its digital lending capabilities, the platform transforms the lending experience, making it more efficient, transparent, and secure for both financial institutions and borrowers.

Kenneth Uzoegwu, a financial analyst, added that Fintrak’s Credit Risk software is impactful for its swift decision-making capabilities, facilitated by AI and machine learning components.

Christopher Sualeze, head of Commercial Banking SBU, FinTrak Software, highlighted the software’s open architecture, making seamless integration with other credit software possible. He also said that its prowess in anomaly detection and behavioural analysis of customers is facilitated by a dynamic product rack.

Fintrak Credit Risk 360 incorporates a comprehensive array of core components essential for managing credit risk effectively. This robust system encompasses features such as loan origination and collateral management, corporate bulk loan breaking, credit reporting, disbursement execution, loan restructuring, and real-time loan monitoring.

Furthermore, the system integrates an embedded document management system, utilizing cutting-edge artificial intelligence and machine learning technologies for efficient data analysis and decision-making processes.

It also streamlines credit documentation processes, including Credit Approval Memos (CAM) and Credit Approval Forms (CAF). Additionally, the platform facilitates rigorous credit appraisal through in-depth financial analysis and risk rating methodologies.

 

 

 


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New National ID Card to Be Issued Via Banks- NIMC

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National Identity Management Commission (NIMC) has said that the planned national ID card will be issued to applicants by their banks.

New National ID Card to Be Issued Via Banks- NIMC

NIMC said it is working with the Nigerian Interbank Settlement System (NIBSS) to deliver the cards to applicants.

“The card will be issued through the applicants’ respective banks in line with existing protocols with the issuance of the Debit/Credit cards,” the agency said at the weekend update on its official X handle.

KEY FACTS ABOUT THE PROPOSED NEW GENERAL MULTIPURPOSE NATIONAL IDENTITY CARD

  1. The new National ID Card is a single, convenient, and General multipurpose card (GMPC) , eliminating the need for multiple cards—not three.
  2. The single GMPC has multiple use cases:…

— NIMC (@nimc_ng) April 12, 2024

It said applicants need to request their cards with their NIN “through the self-service online portal, NIMC offices, or their respective banks”.

“The card will be powered by the AFRIGO card scheme, an indigenous scheme powered by NIBSS,” NIMC said.

“The card can be picked up by holders at the designated center or delivered to the applicants at the requested location at an extra cost to be borne by the applicants,” the update read.


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NIMC Makes Clarifications on AfriGo, New National Domestic Card Scheme

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National Identity Management Commission (NIMC) has said that the new national Identity card, powered by AfriGo Card, is a single card with multiple services.

NIMC Makes Clarifications on AfriGo, New National Domestic Card Scheme

NIMC made the clarification against the confusion and criticisms that have trailed the AfriGo Card , touted as a National Domestic Card Scheme.

NIMC is launching the AfriGo Card, in collaboration with the Central Bank of Nigeria (CBN) and the Nigeria Inter-bank Settlement System (NIBSS), and has had appointed SecureID, a Lagos headquartered company to manufacture the Card Scheme

Making clarification on the card, Kayode Adegoke, head of Corporate Communications of the NIMC, said the General multipurpose card (GMPC) will eliminate the need for multiple cards.

“The new National ID Card is a single, convenient, and General multi-purpose card (GMPC), eliminating the need for multiple cards—not three.

“The single GMPC has multiple use cases: Payments/Financial, Government intervention/services, travel, etc.

“The National Identity Management Commission is working with the Central Bank of Nigeria and the Nigerian Interbank Settlement System to deliver the payment and financial use cases.

“The card will be powered by the AFRIGO card scheme, an indigenous scheme powered by NIBSS. Applicants for the card will have to request with their NIN through the self-service online portal, NIMC offices, or their respective banks.

“The card will be issued through the applicants’ respective banks, in line with existing protocols with the issuance of the Debit/Credit cards.

“The card can be picked up by holders at the designated centre or delivered to the applicants at the requested location at an extra cost to be borne by the applicants,” he said.

 

 

 

 

 

 

 


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Visa Launches Subscription Management Solution

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The global subscription market is on a steady rise, expected to reach a staggering $406 billion by 2025. As the trend of consumers subscribing to services in sectors such as retail, food and more increases, so does the challenge of managing their payments.

Recognising this, Visa, a world player in digital payments, has announced the launch of Subscription Manager, a new, all-in-one service for financial institutions to provide Visa cardholders with a simple, convenient way to track their subscriptions, all from the palm of their hands.

In the era of subscription overload, consumers are grappling with the complexities of managing multiple subscriptions across a web of apps. Navigating through each platform’s unique terms can potentially lead to unnoticed charges, even after a subscription is cancelled.

Visa’s new Subscription Manager streamlines key aspects of recurring payments in one place, allowing cardholders to see where their card details are stored, view which recurring payments are attributed to their card, and stop recurring payments.

“Managing subscriptions can often feel like a maze, with consumers sometimes feeling trapped in a cycle of confusing charges,” said Kathleen Pierce-Gilmore, global head of Issuing Solutions at Visa. “Our goal is to make this process simpler and ensure cardholders know exactly where their money is going, and when.”

 


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