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

COURE Celebrates 25 years of Providing Innovative Digital Solutions

COURE Celebrates 25 years of Providing Innovative Digital Solutions

 

COURE Software & Systems Limited (“COURE”), an indigenous information technology (IT) firm located in Lagos, will be marking 25 years of existence, 15 of which have been spent deploying IT solutions and services in Nigeria and other African countries. From telecoms to financial to the public sector, the company has made tremendous strides in various sectors of the economy.

Speaking to the media, COURE’s CEO, Uche Onwudiwe described the company as, “a platform services provider with a focus on the provision of accurate, secure and relevant data to improve its clients’ business processes and operations.” He reflected on the journey so far, noting that the company “started out in the US in 1998 at a time when the internet and modern technology, as we know it, were taking off. At that time, we were focused on networking and physical systems integration.”

COURE’s CEO, Uche Onwudiwe
COURE’s CEO, Uche Onwudiwe

“Over the years, the shifts in technology and the need to be scalable beyond billing for individual man hours caused us to migrate our technology services first to web and application development, then to what we currently provide today, which are platforms that leverage standardized and aggregated data to enable and enhance the operational efficiency of our clients. It has been an exciting 25-year journey of change and transformation! Our flagship solutions, ANQ and HUB, have been enabling the telecom, fintech, banking and various other sectors to increase their value to their customers. Our development teams consist of analysts, UI/UX experts, programmers, product managers and network engineers all of whom have many years of experience in the design, development and support of clean, functional and aesthetically appealing applications and solutions.”

On their strides in many critical sectors, COURE Chief Executive Officer added that “COURE has established key partnerships in the telco, banking, fintech, payments and public sector spaces. Through our platforms, we are able to aggregate various types of data, analyze the data, and create services that provide value to these organizations and generate revenue for them. This makes us an enabler of fintech firms as opposed to being one ourselves.”CC

“Our ANQ (All Number Query) is a lookup platform that provides quick and easy access to information which enables our clients support their customers in areas such as Fraud prevention, Routing and KYC (Know Your Customer) using various number and data sources. Our partnership with data owners and access to large volumes of diversified data along with our processing capacity and intelligent algorithms enables us apply real-time analytics to data that is being searched against and provide information to businesses to aid their decision-making.”

“Our HUB platform is what is called a CPaaS – Communication Platform as a Service. It enables Aggregators and Value-Added Service (VAS) providers in the telecom industry to integrate with the Telcos, then safely and accurately deliver messages between the applications through the Telcos and onward to the end customer and back. Message types include Bulk SMS, USSD, Whatsapp and RCS (Rich Communication Services). It also addresses a number of industry issues and concerns such as the management of Sender IDs and Short codes. HUB is a ready-to-use platform for SMEs to create and manage their services, content, and subscriptions. It is convenient and requires no local installation.”

Throughout the years, the IT organization has faced various challenges. Onwudiwe commented on some of these challenges, citing as an example, the loss of talented IT resources across the sector. He stated that due to the insecurity and economic hardships in the country, the technology sector has experienced a loss of talent, many of whom have fled the country in search of supposedly greener pastures. This has made it crucial for COURE to implement a proactive recruitment and talent retention strategy to prevent the negative effects of this trend from affecting its business.

The organization has grown in leaps and bounds, having extended its partnership reach to many African countries. Onwudiwe noted that, “Our routing services are present in most African countries including Nigeria, South Africa, Ghana, Kenya, Tanzania, Côte D’Ivoire, Benin, Senegal, Tunisia, Morocco, and Egypt. Our 2023 roll-out plan includes expansion to key regions within the continent with a focus on Ghana, Uganda and South Africa. ”

In addition to its expansion plans, COURE will be adding a 3rd platform to its suite, the OpenBanking platform, in alignment with the CBN’s Open Banking Initiative. The OpenBanking platform offers financial data owners the opportunity to monetize their data by making it available to third-party financial services securely and efficiently via APIs. He noted that they have already partnered with some banks to pilot the solution and are excited about the ease and convenience that customers will enjoy when they use applications that leverage these services. He expressed optimism about the future, noting that they expect great times ahead!

 

 

 

 

 

“Our HUB platform is what is called a CPaaS – Communication Platform as a Service. It enables Aggregators and Value-Added Service (VAS) providers in the telecom industry to integrate with the Telcos, then safely and accurately deliver messages between the applications through the Telcos and onward to the end customer and back. Message types include Bulk SMS, USSD, Whatsapp and RCS (Rich Communication Services). It also addresses a number of industry issues and concerns such as the management of Sender IDs and Short codes. HUB is a ready-to-use platform for SMEs to create and manage their services, content, and subscriptions. It is convenient and requires no local installation.”

FINTRAK BRINGS INNOVATIVE TECH SOLUTIONS TO THE RWANDA FINANCIAL ECOSYSTEM

FINTRAK BRINGS INNOVATIVE TECH SOLUTIONS TO THE RWANDA FINANCIAL ECOSYSTEM

 

 

 

Fintrak Software Limited, an indigenous financial technology firm based in Lagos with an international footprint in various African country recently held banking and financial industry of Rwanda in awe with the reintroduction of their solution known as ENTERPRISE PERFORMANCE MANAGEMENT SOLUTION. A software application that is designed for businesses to boost productivity and reduce human error in all the areas of their enterprise. The Fintech also presented their credit management solution known as CREDIT MANAGEMENT SOLUTION, the event was held at the KIGALI MARRIOT HOTEL, in the Rwandan capital City.

Speaking to the Rwanda financial ecosystem, the company described the Credit management solution as a software that 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 risks incurred. The Credit Risk 360 solution is Web based and can be easily accessed from all branches of the bank without separate installations on branch-by-branch basis.

“Banks are increasingly facing credit risk (or counter-party risk) in various financial instruments other than loans, including acceptances, inter-bank transactions, trade financing, foreign exchange transactions, financial futures, swaps, bonds, equities, options, and in the extension of commitments and guarantees, and the settlement of transactions”, they added.

Bimbo Abioye, the Group Managing Director of Fintrak used the opportunity to address Rwandan stakeholders on various features of their solutions such as Portal Driven Loan Origination, Online Loan Appraisal and documentation, Credit rating, mobile Loan approval and other areas of loan management such as SME Digital lending and disbursement.

On enterprise solution they focused on key features such as cost allocation, balanced scorecard, product profitability reports and flexible transfer pricing. All these features are embedded in the solution to make business seamless.

FinTrak Software is a global Financial Technology organization providing innovative technology and business solutions to financial institutions in the financial services sector and enterprises across continents. FinTrak Software is a global company, with business offices in Nigeria, Ghana and Gambia. Armed with and army of software engineers and professionals with competencies across banking, finance, audit, consulting and software development, FinTrak Software is on a mission to support organizations and states with technologies and intellectual strength required to enable them surpass their stakeholders’ expectations.

 

 

ANTHONY EMEKA NWOSU