Business Economy Finance Fintech International Software

Across Multiple African Markets, Fintrak Software Limited Brings AI-Powered Credit Management Software

 

Fintrak Software Limited, a financial technology (Fintech) firm headquartered in Lagos, has set a new benchmark in the African financial landscape with its groundbreaking introduction of AI powered “Fintrak Credit 360”. This cutting-edge credit management software, laced with the power of Artificial Intelligence and Machine Learning, is poised to revolutionized credit processes within banks and allied institutions across the continent.

In a recent international webinar engagement spanning multiple African countries, from Kenya to Tanzania, Gambia, and Uganda, Fintrak Software Limited showcased its innovative software to a gathering of prominent industry players and bankers. The event was not merely a demonstration; it was a revelation. The Fintrak Credit 360 software garnered unanimous acclaim for its seamless integration of Artificial Intelligence and Machine Learning in credit risk management.

Bimbo Abioye, the Group Managing Director of Fintrak Software, 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. The infusion of Artificial Intelligence (AI) ensures a flawless execution of these processes, eradicating the possibility of human error.

Abioye emphasized 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 their 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.

Bimbo Abioye, Group Managing Director, FINTRAK Software Limited

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 emphasized its prowess in anomaly detection and behavioral analysis of customers, 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.

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.

Leave a Comment

Your email address will not be published.

You may also like

Business Culture Health

Moppet Foods CEO Highlights Organic Baby Formula Production and Commitment to Quality

post-image

 

Roberta Edu, the founder and CEO of Moppet, a Lagos-based baby formula manufacturing firm, recently shed light on the company’s mission and operations, emphasizing the unique aspects of their organic production process. Speaking about her journey, Edu expressed her commitment to delivering top-quality products, which she believes will gain international recognition in time.

Edu highlighted the distinctive nature of Moppet’s baby formula, stating, “We are the only factory where you won’t find any chemicals or acids—just pure organic produce, tenderly cooked for your children.” She added that the company’s products contain no additives, which has even raised questions from regulatory bodies like the National Agency for Food and Drug Administration and Control (NAFDAC) and the Standards Organisation of Nigeria (SON). Both agencies, Edu noted, were surprised that Moppet uses no substances to increase volume.

An NGO that approached Moppet for Vitamin A-fortified corn was equally astonished by the company’s meticulous sourcing…

Read More
Autos Business Economy Energy News

Osita Chidoka Raises Concerns Over Fuel and Energy Crisis in Nigeria

post-image

 

Former Minister of Aviation and prominent PDP figure, Osita Chidoka, has voiced his concerns regarding Nigeria’s ongoing fuel and energy crisis. In a detailed post on his Facebook page, Chidoka highlighted the harsh realities faced by Nigerians due to soaring fuel prices.

“Yesterday, I spent ₦100,000 on fuel, nearly filling the tank of a Lexus 460 Jeep,” he revealed. At a price of ₦1,140 per litre, he noted, this amount exceeds Nigeria’s ₦70,000 minimum wage by ₦30,000. Chidoka emphasized the stark contrast between earnings and the cost of fuel, pointing out that a minimum wage worker, who earns ₦437.5 per hour, would need to work 2.6 hours to afford just one litre of petrol.

He further compared the situation to other countries. In Egypt, where fuel costs ₦443 per litre and the minimum wage is ₦202,400 per month (₦1,265 per hour), it takes…

Read More
Business Culture Tourism Travels Trends

GLOBAL VOICE MC Day Lauds Cross-Country Travel After Memorable Ghana Tour

post-image

 

MC Day, one of the most vibrant and sought-after entertainers, has captivated fans with his recent international tour, which included a memorable stop in Ghana. Known for his charismatic stage presence and versatility, MC Day has carved a niche for himself as a global voice in the entertainment industry, consistently delivering top-notch performances at major events, concerts, and private functions. His infectious energy and humor have made him a household name across the country.

During his tour, MC Day took time to reflect on his experiences, emphasizing the value of travel as a learning opportunity. “There’s a saying that travel is the best teacher, and I can confidently say that it’s true,” he shared. “I’ve been able to see and learn more about the world through road travel. My experience in Ghana was especially eye-opening – from the landscapes to the rich culture, it was an adventure I won’t forget.”

As…

Read More
Announcements Autos Business Economy

Chisco Group Expands Fleet with 50 New Luxury Buses, Reinforces Leadership in Nigerian Transport Sector

post-image

 

In a significant move that reaffirms its dominance in Nigeria’s transport, haulage, and logistics sectors, Chisco Group has announced the deployment of 50 brand-new luxury buses to further elevate its services. This strategic expansion was unveiled by the company’s CEO, Dr. Chidi Obed Anyaegbu, who highlighted the group’s continued commitment to revolutionizing long-distance transportation in the country.

Chisco Transport, a household name with over 45 years of experience in providing seamless travel and logistics solutions, has consistently set the standard for excellence. The new fleet is expected to enhance the customer experience with cutting-edge technology, advanced safety features, and unmatched comfort. These luxury buses are designed to serve both new and existing routes, ensuring that passengers enjoy top-notch travel services across various regions of Nigeria.

Speaking on the latest development, Dr. Chidi Obed Anyaegbu stated, “The introduction of these buses is a testament…

Read More
Announcements Business Culture

NIPOST Celebrates World Postal Day with a Grand ‘Walk with NIPOST’ in Lagos

post-image

 

The Nigerian Postal Service (NIPOST) marked World Postal Day with an inspiring ‘Walk with NIPOST’ today, celebrating 150 years of postal service and global connectivity. The event, led by Postmaster General and CEO Tola Odeyemi, highlighted the organization’s commitment to transformation while maintaining its legacy of trust and service throughout Nigeria.

As participants filled the vibrant streets of Lagos, Odeyemi emphasized NIPOST’s role as a vital lifeline for Nigerians, particularly in empowering small businesses and fostering community connections. “Under our visionary leadership, NIPOST continues to embrace innovation while upholding our core values,” Odeyemi stated. “This event symbolizes our incredible journey and the people who make our mission possible.”

In conjunction with the celebrations, NIPOST also announced two significant national competitions for secondary school students across Nigeria as part of the World Post Day 2024 initiative. The competitions include a Letter Writing Competition for junior secondary school students and a Stamp Design…

Read More
Business Economy Government Technology Technology Trends Telecoms

Corporate Governance as a Pillar of Survival and Sustainability in Nigeria’s Telecom Sector – Dr. Aminu Maida

post-image

 

At the 2024 Annual Corporate Governance Conference, Dr. Aminu Maida delivered an insightful address titled “Corporate Survival and Sustainability—The New Face of Governance in the Nigerian Telecoms Sector.” Reflecting on the telecom industry’s remarkable growth and its significant contribution to Nigeria’s GDP, Dr. Maida emphasized that governance has evolved beyond mere compliance to become a critical factor for corporate survival, sustainability, and growth.

Highlighting the rising pressures from regulatory, environmental, and societal demands, Dr. Maida stressed that survival and sustainability are now essential, not optional, for corporate success. “Companies in our sector are facing increasing regulatory and environmental challenges. To thrive, we need governance frameworks that not only ensure compliance but also foster innovation, build trust, and create long-term value,” he remarked.

Dr. Maida, who serves as a key figure at the Nigerian Communications Commission (NCC), underscored that good corporate governance is not just about ticking boxes but should be embraced…

Read More
Business Education Government

NDPC Conducts Training Session for NAICOM Staff on Data Protection

post-image

The Nigeria Data Protection Commission (NDPC) recently held an introductory training session for employees of the National Insurance Commission (NAICOM), aimed at enhancing their understanding of the Nigeria Data Protection Act. This initiative is particularly important as NAICOM serves as a key regulator and data controller within the insurance sector.

The session commenced with opening remarks from Dr. Vincent Olatunji, National Commissioner/CEO of the NDPC, who was represented by Mrs. Abiola Jide-Abe, the Head of Strategic Partnerships and Communication. In her address, Mrs. Jide-Abe praised Mr. Olusegun Ayo Omosehin, the Commissioner for Insurance, for his proactive approach in ensuring that all NAICOM staff are trained in data protection and privacy. She noted that this training marks a significant step towards…

Read More
Business Culture Economy Health

The Promising Potential of Glutathione in Managing Chronic Health Conditions

post-image

In recent years, the spotlight has increasingly shone on glutathione, a powerful antioxidant that plays a crucial role in maintaining our overall health. While its importance is often overlooked, glutathione’s potential benefits for chronic conditions such as cancer, prostate health, diabetes, and hypertension cannot be underestimated. As more research unfolds, it becomes imperative to consider glutathione supplementation as a viable adjunct in the management of these health issues.

Cancer: A Double-Edged Sword

Glutathione is renowned for its antioxidant properties, which protect cells from oxidative damage—a known contributor to the initiation and progression of cancer. By neutralizing free radicals, glutathione may help reduce the risk of DNA mutations and subsequent tumor formation. For patients undergoing chemotherapy, glutathione supplementation may offer protective benefits, alleviating some of the harsh side effects associated with treatment while potentially enhancing its effectiveness.

However, it’s essential to recognize the complexity of glutathione’s role in cancer. Elevated levels of glutathione…

Read More