As the Nigerian banks like their global counterparts face an increased credit risk (or counter-party risk) in various financial instruments other than loans which includes acceptances, inter-bank transactions and trade financing. Having this in mind, FinTrak Software Limited, an indigenous financial technology (FinTech) firm with pan-African outlook recently engaged the risk managers in the Nigerian financial sector on the need to deploy an indigenous software. With the revamped Fintrak’s Credit Risk 360 software, the company described it as a robust risk management software designed to change risk management narrative in Nigeria’s financial sector.
In his opening remarks, Bimbo Abioye, the Group Managing Direcor of Fintrak Software said, the objective of this meeting is to enable you to know the immense capabilities of what various financial institutions in the country can do with the Credit Risk 360. The software has been built in line with the best global practice and having financial sectors in mind. The Credit Risk 360 software can be designed to meet the various organisation’s needs and can be used on the go. FinTrak Credit Risk 360 was designed to help banks meet the need to identify, measure, monitor and control credit risk.
Having a robust support and after sales on ground, Bimbo reiterated that the Credit Risk 360 is loaded with a lot of features. In his words” The credit reporting ecosystem has been one of the core business applications in the country. With various deployments in core banking solutions in various African countries. The software is a complete and cost effective solution that gives organisations a high level of control of system and resources.”
“FinTrak Credit Risk 360 was designed to help banks meet the need to identify, measure, monitor and control credit risk as well as to determine that they hold adequate capital against these risks and that they are adequately compensated for the risks incurred. The Credit Risk 360 Solutions is a web based platform that can be easily accessed from all branches of the bank without separate installations on a branch by branch basis”, Bimbo added.
Developed in Nigeria, the Credit Risk 360 is embedded with great features that would assist in the improvement of operational efficiency and reduction of turnaround time of banks and other financial institutions. With the software, banks are made to comply with the Central Bank of Nigeria stringent audit and more importantly regulatory requirements. Bad loans and risk of frauds via automation are mitigated with the software.
Comes with a dashboard that shows the classification of related data, push emails to concerned officers, credit risk origination, credit documentation , collateral management and collateral realization, the industry stakeholders have lauded Fintrak’s efforts in making risk management practice in the country seamless.
“We took into consideration the various challenges that the risk managers face in the country while building this software. Over time, we realized that most financial institutions buy over the shelf foreign software with little or no support system in place. We tried as much as possible to address these issues with this software. We have imbedded credit processing modules, electronic deal sip and transactions, deferral management , credit appraisal, risk ratings and so many more. We ensured that we built a software that over time made risk management practice error free”, said Christopher Sualeze, Head, Credit Risk 360 Implementation, Fintrak.
ANTHONY EMEKA NWOSU