Capacity Building: EPITECH Benin Republic student courtesy visit to FINTRAK Software Ltd.

Capacity Building: EPITECH Benin Republic student courtesy visit to FINTRAK Software Ltd.

 

 

The Paris Graduate School of Digital Innovation (French: École pour l’informatique et les nouvelles technologies, or EPITECH),recently visited FINTRAK Software Limited Nigeria.s foremost financial technology (Fintech) firm with emphasis on building and developing robust software for banks across Africa. A tour that the educational institution made to FINTRAK to cement their relationship in the area of capacity building and transfer of knowledge.

 

Speaking to the international students, Edwin Aigbogun, the  Brand Communication Manager of Fintrak Software said, “We are elated to have you here, this shows that our works and projects is getting noticed across various African countries, our solutions are designed to meet various peculiarities of financial institutions in various countries. Our solution do come in both English and French and we are desirous to partner with the institution.”

 

“We appreciate this visit and we will have a program that will accommodate your students in te area of internship, this will expose them to the realities of software development, deployment and support system. It will be a clear departure of what is taught to them in the walls of school, we will bring reality to them and we will not fail in this regard”

 

Edwin also opined that ” Here at FINTRAK SOFTWARE we believe in capacity building, we see it as our way of giving back to the society, we have trained a lot of Nigerians in this area and you will be the first set that is coming from outside the country and we hope that this will be the beginning of wonderful relationship between us and EPITECH.”

 

The visit is in line with the vision of the software giant to build capacity in the ECOWAS region. Fintrak 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 on a mission to support organizations and states with the technologies and intellectual strength required to enable them to surpass their stakeholders’ expectations.

 

Epitech is a school of higher studies and short training courses that offers various courses around IT. A school unlike any other, carrying emblematic values ​​and federated around a national and international network of 20 campuses.

 

Anthony Nwosu.E

Trends shaping global payment processing in 2023

Trends shaping global payment processing in 2023

A global payment processing system is a network that enables financial institutions to process cross-border payments. It allows for currency exchange between banks and other financial institutions across borders. The system is used by businesses and individuals to make international payments, such as for goods and services purchased online.

 

Currently, this system is going through radical changes that are transforming how individuals and businesses send and receive money. Furthermore, there are several exciting trends emerging that will shape the way businesses and consumers process payments worldwide. From cryptocurrency and contactless transactions to artificial intelligence, these innovations are set to transform the industry as we know it.

What is a payment processor?

A payment processor is a financial institution that provides the technology and infrastructure necessary to facilitate global payment processing. Payment processors work with acquiring banks to provide merchants with the ability to accept credit card and debit card payments from customers around the world. Payment processors typically offer a suite of payment-related services, including merchant account management, payment gateway (https://apo-opa.info/42IetFv) and point-of-sale (POS) services, fraud prevention, and security solutions, and access to financing products. In addition, many payment processors offer value-added services such as loyalty programs, customer data analytics, and marketing assistance.

How big is the global payment industry?

A report by the Business Research Company suggests that the global payments market (https://apo-opa.info/3ZsekTH)  will record a growth of $612.04 billion in 2023 at a compound annual growth rate (CAGR) of 8.9%. Additionally, the report indicates that the global payments market will grow to $847.59 billion in 2027 at a (CAGR) of 8.5%. To begin with, new real-time payment platforms allow consumers and businesses to transfer money quickly, securely, and reliably across different banks and institutions. Again, there is an increased focus on security and data privacy (https://apo-opa.info/431uF4X) regarding payment processing. For instance, financial institutions are implementing more robust authentication processes to protect against fraud, as well as introducing new technologies such as biometrics and blockchain to strengthen security.

Trends reshaping payment processing in Africa

How we make and receive payments (https://apo-opa.info/3JVIxVx) is changing rapidly, and Africa is at the forefront. What’s more, new technologies and trends in global payment processing are reshaping the continent, making it easier for businesses to trade with each other and with the rest of the world. One of the most significant changes is the growth of mobile money. Equally important, more and more people in Africa are using their phones to send and receive payments, thanks to platforms like M-Pesa in Kenya and MTN Mobile Money in Ghana.

Additionally, payment gateways like Tingg (https://apo-opa.info/42IetFv) are reshaping how to send and receive money online in Africa.  This makes it easier for businesses to transact without going through a traditional bank. Another trend that’s reshaping Africa is the rise of blockchain technology. Blockchain allows for secure, fast, and cheap transactions without a middleman. This could potentially revolutionize African economies by making it easier to move money around without losing value through exchange rates or fees. These trends are just some ways that global payment processing is changing Africa. They’re making it easier for businesses to trade with each other and connect with the rest of the world.

Is cash declining?

The decline of cash has been a long time coming. For years, experts have predicted the death of cash as we know it, and while that hasn’t happened yet, the writing is on the wall. Moreover, several factors are driving this shift away from cash.

Perhaps most importantly, technological advances have made alternative payment methods more convenient and secure. At the same time, consumer behaviour is changing, with younger generations, in particular, preferring digital payments. Interestingly, a survey from McKinsey indicates that the domination of cash in Africa will be challenged soon as e-payments become increasingly popular (https://apo-opa.info/3JThrOT). Banks and nonbank organizations are trying to simplify domestic and international payments.

All of this is having a significant impact on the payments industry. Companies that process card payments are seeing rapid growth. Despite the digital revolution, adopting electronic payment methods in Africa is still not widespread. Although cash use is diminishing, it remains the primary means of transaction in African nations. This shift will likely continue in the years ahead as more consumers and businesses move away from cash.

Here are trends shaping global payment processing:

Mobile wallets

As mobile commerce continues to grow, so does the demand for mobile wallets. A mobile wallet is a digital wallet that allows users to make payments and access their funds using a mobile device. In 2023, it is estimated that there will be 1.31 billion proximity mobile payment transaction users (https://apo-opa.info/3ZpPcwV) worldwide, up from 950 million users in 2019.

The most popular type of mobile wallet is the smartphone wallet, which allows users to make payments and access their funds using their smartphone. Other mobile wallets include NFC wallets, which use Near Field Communication technology to enable contactless payments, and cloud-based wallets, which allow users to store their funds in the cloud and access them from any device. With more and more people using mobile devices to pay for goods and services, it is clear that mobile wallets are here to stay. As such, businesses must ensure they can accept payments via mobile wallets (https://apo-opa.info/3JVIxVx) to stay ahead of the competition.

Cryptocurrencies

The report indicates that the global payments market will grow to $847.59 billion in 2027 at a (CAGR) of 8.5%

Cryptocurrencies are digital or virtual tokens that use cryptography to secure their transactions and control the creation of new units. Besides that, Cryptocurrencies are often traded on decentralized exchanges and can also be used to purchase goods and services. Bitcoin remains the largest cryptocurrency by market capitalization, followed by Ethereum, Tether, Binance Coin, and Cardano.

Cryptocurrencies have seen significant growth in recent years, fueled by increased interest from retail and institutional investors. However, cryptocurrencies face scalability issues, regulatory uncertainty, and a lack of mainstream adoption. Nevertheless, the cryptocurrency industry is expected to grow in the coming years.

As digital currencies continue to grow in popularity worldwide, Africa is emerging as a critical market for these new types of payments.

Global payment processing companies are noticing this trend and investing in African countries to tap into this growing market. Blockchain is a distributed ledger system that makes it difficult for anyone to hack or tamper with transactions. Reports indicate that In 2023, more than two dozen nations (https://apo-opa.info/3JXb7po) are expected to take a giant leap with the piloting of CBDCs. Several countries, such as Australia, Thailand, Brazil, India, South Korea, and Russia, already have plans to begin or further their pilot testing.

The growth of e-commerce

The e-commerce industry is expected to overgrow in the coming years. In 2023, the global e-commerce growth rate is expected to grow by 10.4%, bringing global e-commerce sales (https://apo-opa.info/40GSsoK) to $6.3 trillion.

Several factors will drive this growth:

1. The continued expansion of the internet and mobile devices.

2. The rise of social media and mobile commerce

3. The increasing popularity of online shopping.

 

In addition to this overall growth, there are a number of other trends that are shaping the global payment processing industry. These include the rise of alternative payment methods, the increasing use of mobile apps for payments (https://apo-opa.info/40JQDY8), and the growth of cross-border e-commerce. Alternative payment methods, such as digital wallets, are becoming increasingly popular as consumers seek more convenient and secure ways to pay for online purchases.

Biometric authentication

The need for secure authentication methods grows as the world becomes increasingly digitised. Biometric authentication, which uses physical or behavioural characteristics to verify identity, is one of the most promising technologies.

Several factors are driving the adoption of biometric authentication in the payments industry.

  1. Consumers are becoming more comfortable with using biometrics for authentication. This is due to the widespread use of smartphone fingerprint scanners and facial recognition technology.
  2. Biometric authentication offers higher security than traditional methods like passwords and PINs. It is much harder for criminals to steal someone’s identity or to spoof their credentials.
  3. Biometric authentication is becoming more affordable as the technology continues to mature. This is important for financial institutions that must balance security concerns with cost considerations.
  4. Some major payment processors are beginning to support biometric authentication. Some companies like Mastercard notably unveiled fingerprint and iris scanning (https://apo-opa.info/3zdzyKa) into their global network and have embraced biometric authentication.
  5. Government regulations are starting to catch up with the times. This is likely to spur even greater adoption of biometric authentication in the payments sector in the future.

 

Global payment processing and regulation

The impact of regulation on payment processing (https://apo-opa.info/3lS4Kvu) is far-reaching. Compliance with regulations such as the Payment Card Industry Data Security Standard (PCI DSS) is costly. In addition to the financial impact, compliance with these regulations imposes significant operational burdens on businesses. These requirements are challenging for small and medium-sized companies in particular.

Despite the challenges, businesses need to stay compliant with payment processing regulations. Non-compliance can lead to severe penalties, including fines, reputational damage, and loss of business.

Conclusion

Global payment processing will be pretty different in the future from what it is today. As technology advances, we will see more secure and efficient payment methods. Additionally, the need for transparency and faster transactions are pushing forward global payment processing trends such as blockchain and fintech. With all these changes coming our way in 2023, businesses should stay competitive (https://apo-opa.info/3KdHdxx) in an ever-changing marketplace.

Win A Whole Bitcoin with Yellow Card

Win A Whole Bitcoin with Yellow Card

Pan-African fintech, Yellow Card (YellowCard.io) is excited to announce its biggest giveaway ever with “A WHOLE in Your Wallet”. The competition will provide customers with a rare chance to win one Bitcoin (BTC) worth over $23 000 (at the time of publishing).

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The “A WHOLE in Your Wallet” lucky draw competition will run from 13 February until 26 March, and is open to all customers who buy, sell or send a minimum of $10 on the Yellow Card app for a chance to win one BTC and other cash prizes

 

The “A WHOLE in Your Wallet” lucky draw competition will run from 13 February until 26 March, and is open to all customers who buy, sell or send a minimum of $10 on the Yellow Card app for a chance to win one BTC and other cash prizes. Each transaction will qualify as one entry.

 

Chief Marketing Officer of Yellow Card, John Colson, says that over the years their customers have been an integral part of the company’s success and this campaign is an opportunity to give back.

 

“We wanted to find an innovative way to interact with our customers and show our appreciation of their support. Winning one Bitcoin is an unprecedented prize that will no doubt also spark more interest in cryptocurrency in Africa, and as a result more engagement from ordinary citizens,” said John.

 

With the adoption of cryptocurrency rapidly growing in Africa this campaign will allow anyone interested in crypto the ability to add this valuable asset to their portfolio

To qualify, customers would need to have 1) completed their KYC; 2) updated their Yellow Card App and follow the fintech leader on all its social media platforms. For weekly prizes customers would need to have also completed Tier 1 verification. And to be eligible for the one BTC grand prize, customers would need to have completed their Tier 3 verification.

 

Participating countries include: Nigeria, Ghana, Uganda, Kenya, South Africa, Zambia, Malawi, Botswana, and Cameroon.

 

“With the adoption of cryptocurrency rapidly growing in Africa this campaign will allow anyone interested in crypto the ability to add this valuable asset to their portfolio. However, more importantly this campaign will allow us to raise more awareness around crypto education and the advantages of digital currencies,” said Peter Mureu, Marketing Director of Yellow Card.

 

Don’t miss this once in a lifetime opportunity to win  valuable cryptocurrency. For more information on the “Put a Whole in Your Wallet” campaign and to read the full T&Cs visit: https://apo-opa.info/3HYYXeV.

Cellulant’s Payment Service Solution Provider Licence Gets Renewed by Central Bank of Nigeria

Cellulant’s Payment Service Solution Provider Licence Gets Renewed by Central Bank of Nigeria

The Central Bank of Nigeria (CBN) has renewed Cellulant’s Payment Service Solution Provider License in Nigeria. This license enables Cellulant (www.Cellulant.io) to continue providing online and offline payment solutions, including collections, check-out, biller aggregation, and payout services securely to thousands of businesses across Nigeria.

 

Cellulant’s digital payments platform, Tingg (www.Tingg.Africa)- enables businesses to seamlessly accept and make payments offline and online. A single integrated digital payments solution, Tingg addresses the complex needs of managing payments by simplifying the payment experience for the end-user and providing tools and processes for a merchant to manage their collections from a single dashboard.

“At Cellulant, we are committed to providing innovative and accessible digital payment solutions to businesses in Nigeria, which play a pivotal role in enabling financial inclusion and driving economic growth in the country. The renewal of our license is a vote of confidence from the Central Bank of Nigeria on the efforts of our team and partners, who have worked tirelessly to create safe and secure solutions that meet the evolving needs of businesses in Nigeria and the regulatory standards. Tingg is now used by thousands of businesses and outlets in the 36 states across Nigeria, enabling businesses to easily collect and make payments, monitor transactions, reconcile and settle cash seamlessly,” said Akshay Grover, Cellulant’s Group CEO.

At Cellulant, we are committed to providing innovative and accessible digital payment solutions to businesses in Nigeria

Nigerian consumers have different payment options, including card, mobile money, bank transfer and cash- with volatile currency fluctuations and no single settlement framework. As a result, the demand for digital payments continues to increase. Roughly 50% of retail customers request to pay for their purchases using digital payment options. However, this demand presents several challenges for most merchants who might not always support the customer’s preferred payment method, resulting in merchants having to enable multiple solutions to support multiple wallets and varying processes for settlement and reversals for a merchant.

Tingg solves these challenges by delivering a single solution to accept all digital payment methods (Bank Transfers, USSD payments, Cards & Mobile Money) maintained with the highest compliance and security standards.

Speaking to the news, Frances Diribe, Cellulant’s Group Chief Risk & Compliance Officer, said, “Cellulant is dedicated to meeting the highest standards of risk and compliance management as we understand the importance of maintaining the integrity of our payment platform. We have invested heavily in robust security measures and compliance processes to ensure our customers can confidently use our services. We welcome this news that showcases our compliance with the standards, directives, and regulations of the Central Bank of Nigeria.”

In addition to being licensed to operate as a Payments Service Provider in multiple African countries, including Kenya, Ghana, Uganda, Botswana, and Zambia, Cellulant has also achieved global security, privacy, business continuity and service management standards. The company’s certifications include ISO 27001 (ISMS), ISO 27701 (PIMS), ISO 22301 (BCMS), ISO 20000-1 (Service Management) and PCI-DSS.

Cellulant provides two essential payment ecosystem solutions: Collections and Payouts. It has three key offerings – Checkout (https://apo-opa.info/41bqkv0) for businesses who want their customers to pay for goods or services online; In-store Payments (https://apo-opa.info/41bqtyy) enabling businesses to collect payments at a physical location; and Payouts (https://apo-opa.info/3k2nlEq) which allow both local and global businesses to make payments, process international transfers or make payments to service providers.

BaaS: Tomorrow’s financial solutions, today

BaaS: Tomorrow’s financial solutions, today

 

 

The world of financial services is changing – for the better. A multitude of virtual banking and payment options, cardless and accountless services, and now, Banking as a Service (BaaS) are making financial inclusion the norm instead of a privilege, says Anton Coertzen, CCO of leading fintech enablement partner Ukheshe. 

 

BaaS is the latest technology making waves in the financial services world and Gartner predicts it will hit mainstream adoption within two years. BaaS is one of four technologies that Gartner says have the potential for high levels of transformation in the banking sector – the others being chatbots, public cloud for banking and social messaging payments apps.

 

A Deloitte report also says BaaS is becoming ubiquitous. “It’s reconfiguring the banking value chain, opening the door to disintermediation, and enabling new sources of growth,” it notes.

 

How does BaaS work?

BaaS came about because the ability to offer banking services such as cards and loans as a non-bank enterprise improves the customer experience and boosts revenue. However, offering banking services requires a banking licence that is difficult to obtain – it also requires significant capital and compliance with strict regulations.

 

BaaS allows licenced banks to integrate their services directly into the products of non-bank businesses. This means any business can offer its customers digital banking services such as mobile bank accounts, debit cards, loans, and payment services, without needing to acquire a banking licence. The non-financial business can also distribute these financial products under its own brand.

 

All of this happens through third-party distributors. These distributors build tech that allows digital banks, fintechs, and other third parties to connect directly with a bank’s systems via APIs.

 

In a nutshell, it enables embedded finance: banks integrate fintech or other FSP products into the banking journey (BaaS), while non-financial companies embed banking products into their own services (embedded finance).

 

The benefits of BaaS

BaaS is reconfiguring the banking value chain by enabling third-party distributors to offer banking products and services. It’s opening the door to disintermediation and enabling new sources of growth for all parties – whether the bank, the fintech enabler, or the third party.

 

Ukheshe offers banks and other financial institutions a cloud-based API-first BaaS platform that can be white-labelled – essentially allowing the bank’s customers to offer embedded finance offerings to their own customers, under their own brand. Examples include wallet as a service, card as a service, KYC as a service, and more.

 

Here are just some of the benefits of Eclipse within BaaS:

 

For banks:

  • Increased sources of revenue: Banks BaaS with Eclipse offers increased sources of revenues for their customers. Not only are banks able to enhance their value proposition to their existing consumer and merchant base, but they could also pivot to be the bank of choice for other Fintechs and Telcos in the market.
  • Cost savings: Banks can leverage third-party technology and infrastructure. Eclipse provides a dedicated environment with a frontend that is specific to banking institutions’ specific needs.
  • Increased customer insights: more customers mean increased insight into customer preferences and experiences. Eclipse provides exactly that – BaaS that has the customer at the heart of every solution, with less hassle, all through a single platform.

 

For non-banks and fintechs:

  • Less red tape: BaaS allows fintechs and businesses to bypass banking licence regulation by integrating directly with a bank’s system through banking APIs.
  • Increased customer trust: businesses can leverage consumers’ trust in banks to increase their customer base.
  • Higher competition: BaaS enables competition in financial services by enabling non-banks to offer core banking services. This means that more players can enter the market, innovation gets a push, customers get access to new products, and it leads to greater financial transparency.

 

The future

BaaS will become to fintech what Amazon Web Services is to data centres – a game changer; an absolute essential.

 

Through its multi-functional platform, Eclipse, Ukheshe has long been ahead of the fintech curve by offering both BaaS and embedded finance – even though it falls under the Software as a Service (SaaS) category.

 

Our strategy has always been to partner with banks, telcos and fintechs to shape their digital payment offering to their customers. It is core to our services to help shape their BaaS solution. We, in effect, enable the enablers and increase financial solutions to banking customers

CBN launches Nigerian Domestic Card, AfriGo

CBN launches Nigerian Domestic Card, AfriGo

CBN launches Nigerian Domestic Card, AfriGo, bans dollar charges on domestic transactions.

The Central Bank of Nigeria (CBN) has launched the Nigerian National Domestic Card Scheme, AfriGo, aimed at creating a more robust payment system that would drive financial inclusion in the country.

Launching the card virtually, this morning, the Governor of the Central Bank of Nigeria, Mr. Godwin Emefiele, said that transaction charges on all cards would henceforth be paid in Naira, except for international transactions.

According to him, AfriGo would be cheaper and would be a matter of national pride, with potential to boost financial inclusion.

 

 

Tony Emeka Nwosu

EVENTNEWS Lagos hosts gathering of Nigeria’s Top 50 Digital Economy Enablers 2023

EVENTNEWS Lagos hosts gathering of Nigeria’s Top 50 Digital Economy Enablers 2023

Lagos, Nigeria’s commercial capital, is hosting the opening edition of Nigeria’s Top 50 Digital Economy Enablers February 14, 2023 at the prestigious Sheraton Hotel & Towers.  Nigeria’s Digital Economy is evolving positively in spite of a diversity of challenges for organisations in the public and private sectors.

Inspired by the need to express both the challenges and the iconic actors that have emerged to drive Africa’s fastest growing digital economy, the continent’s major tech-biz publication, published since 2007, IT Edge News.Africa (www.itedgenews.africa) and its Partners will be focusing on Nigeria’s Leading Lights referencing Nigeria’s Top 50 Digital Economy Enablers at an Industry Colloquium &Award Ceremony this February just before as the country goes to the poll to elect new political leaders.

The One Day Industry event is featuring a Nigeria’s Top 50 Digital Economy Enablers Recognition Ceremony; an Industry Networking Lunch; Nigeria Digital Economy Special Report; and the forum on  ‘Nigeria’s Digital Economy – Myth or Fact?’

According to the Project Team Lead, Dr. Sola Afolabi, The event is “a platform for industry Recognition, Industry Stock-Taking & Industry Insights with a view to provide a guide as to what direction Nigeria’s entire spectrum of ICT ecosystem will take as the transition for a new government begins.”


He adds: “This event is driven by collaboration of stakeholders within and outside the media to ensure a wide,and more inclusive selection of the sector’s leading lights as well as to offer a broader understanding of the challenges and the inspirations that drive Africa’s largest ICT market. Event partners include TechEconomy; ITPulse; TechandBiz.com; and TechTV (NTA).

Also, while the event is focusing on the leading lights within the rank of CEOs/Director Generals across corporate Nigeria, the Nigeria’s Top 50 Digital Economy Enablers team recognises the great efforts by certain members of management in helping to drive the agenda of their organisations’ at advancing Nigeria’s digital economy agenda.

The event, therefore, will be specially recognizing the commitment of certain individuals in being not just their organizations’ voices but als articulate purveyors of themes of progress around Nigeria’s Digital Economy.

DEXTER TO INTRODUCE INNOVATIVE FINTECH SOLUTION THIS Q1 CALLED CROWDBUX

DEXTER TO INTRODUCE INNOVATIVE FINTECH SOLUTION THIS Q1 CALLED CROWDBUX

 

Dexter Digital Technologies Limited, a Nigerian financial technology (Fintech) startup company with core emphasis in churning out world-class financial solutions – informed by research – into the ecosystem, has announced their plans for 2023 starting with the launch of their flagship product called Crowdbux, this first quarter.

Speaking to the media, the Founder and Chief Executive Officer of Dexter, Chidebere Onwuzurike said “We are a research-based software startup founded in May 2021, we are leveraging the boundless powers of data and insights from excellently curated user experience research to develop and innovate more powerful, and inclusive software for the fintech sector. When asked if Crowdbux as a solution will make the needed impact in the fintech sector of the software industry, he responded “Yes, I can confidently say that it definitely will. For starters, we only develop and innovate software premised on credible insights from diligently curated consumer research; and Crowdbux is one such innovation as a result. We have received early validation for the Crowdbux solution from potential investors, current and prospective partners and users. Put in perspective, during our waitlist marketing campaign in October, we successfully waitlisted over 2000 individuals within 3 weeks of the campaign – a few of whom we have identified to be decision makers of potential partner organizations, the expectations are high but we are definitely geared to make a lasting impact in the industry.”

He added that “Research and development are the bedrock of our operations at Dexter, I must point out that for us, it is most gainful not to compromise on research, because we maintain a heavy dependence on quality feedback for iterations. Achieving this successfully has been a bit challenging, due in some parts to limited resources available to recruit paid volunteers and analysts to sustain the execution of a series of extensive user experience research online and offline for product development.”

Though as a startup, there has been challenges along the way. Speaking on these challenges, Chidebere opined that “We are challenged in the same way every other startup creating amazing innovation is, the main issues of access to financing – whether a credit or investment facility – can be challenging when you are new in software industry because you have to prove your worth even to your team – that that you are uniquely positioned to generate huge revenues from innovating scalable software solutions, and more importantly, that these software solutions go on to consistently ease the pain-points of a large group of people and businesses anytime, anywhere”

On launching of their app, Chidebere said “This for us is a research-informed decision, we want our users to tell us if and when they want it, however the Crowdbux web application will be accessible using any web enabled device from March 2023.”

In an ecosystem that is offering credit to lots of Nigerians today, there is a need to have a robust and standardized credit ratings for Nigerians. Dexter’s Boss is desirous of changing the narrative by introducing a wonderful credit scoring system. He said “Credit scoring is essential in helping us to determine who is creditworthy on the crowdbux solution, we have innovated a fantastic proprietary scoring model that takes important data points into account, and learns data and patterns in order to provide accurate scores for users. We are also partnered with Nigeria’s biggest credit bureau to further validate our proprietary model and provide a more robust credit reportage for users, while providing our credit vendors with the information to apprise their lending decisions. In the same vein, we are leveraging the facility and expertise of our partners to provide a free comprehensive credit report to our users every year. I believe that, as the CBN’s cashless policy continues to soar, FinCo’s in the credit market would begin to experience a growing demand for credit scoring as a market-standard assessment accessory for accessing any form of credit finance.”

 

ANTHONY EMEKA NWOSU

FINTRAK’S E-CHANNEL SOFTWARE ADDRESSES BANKS’ DRAWBACKS IN DIGITAL TRANSACTIONS

FINTRAK’S E-CHANNEL SOFTWARE ADDRESSES BANKS’ DRAWBACKS IN DIGITAL TRANSACTIONS

 

 

 

 

The reconciliation module enables maintenance of record of channels transactions, enabling near real-time representation of transactions and refund in case of technical machine problems.

E-Channel Solution reconciliation module comes with an inbuilt algorithm that decodes complex Electronic Journal Files, carry out data extraction from all available sources

 

 

 

Fintrak Software, an indigenous Fintech solution and software development firm in Lagos recently brought to fore their electronic channel (E-Channel) solution forvarious  tiers in the banking and other financial space. The product is designed  to address many drawbacks bankers face in various forms of electronic banking transaction, such as data collation and analysis in their various electronic channels.

Speaking on the importance of the solution, Bimbo Abioye, the Group Managing Director of Fintrak Software Limited said” Fintrak E-Channels solution aims to aid financial institutions to extract and create insights from data obtained from all the electronic channels customers carry out transactions through. These electronic channels include ATM, POS, USSD, Agency Banking, Mobile Banking, AND Internet Banking.”

He also added that “The solution that banks and other financial institutions need, must be able to quickly and accurately collect data off of all electronic channels and other data sources (where applicable), analyse and visualize them in order to enable stakeholders can easily make informed decisions to increase sales or boost other performance metrices on those channels. These are the core things that Fintrak e-Channel solutions are addressing.”

With loaded features embedded in the solution such as reconciliation module, ATM module, POS module, SSD module, Agency banking, Internet banking, Mobile banking and debit/credit Card business module.  The reconciliation module stands out. This module enables maintenance of record of channels transactions, enabling near real-time representation of transactions and refund in case of technical machine problems.

Speaking on this particular feature, Bimbo Abioye opined that “With the use of a consolidated database (picking data from CBA, e-Journals among others), the solution is able to store the opening and closing balance for each day or for each cash cycle of every ATM. This helps the users to keep a track of all the source data. The data being extracted from various sources can be consolidated from all legitimate bank sources; it becomes easier to trust reports which are generated on periodic duration. This helps the user determine settlements for shortage or excess of cash observed in the ATM Machine and other channels.”

Made up of different modules that will be addressing various types modules such as ATM module, POS module, SSD module, Agency banking, Internet banking, Mobile banking and debit/credit Card business module. The software is designed to specifically addresses these drawbacks in one platform.

Olakekan Adewale, Unit Head, Data Warehousing and Business Intelligence, Fintrak said “The Fintrak E-CHANNELS solution is a highly scalable and robust management solution, An E-CHANNEL solution that provides all the functionality needed. There are many modules in the e-Channel solution, including ATMs, POSs, USSDs, Agency banking, Internet banking, mobile banking, and card business modules based on what channels the client offers.

Adewale added that “Unlike most of the solutions in the market currently, Fintrak e-Channel solutions has many objectives such as an automated end-to-end e-Channel solution that displays data as needed by teams. “

“With various scope of the software such as Data Extraction, Data Integration, Data Cleansing, Data Analysis, Report Building and Visualizations, Volume and Value Monitoring, Transaction Management, Revenue Analysis, Budget Analysis and all other Reporting Requirements as needed by client. E Channel software helps organizations in cleansing and analysis of data, each module provides reports such Transaction Count and Value by branch, region and customer. Successful versus Unsuccessful transaction summary. Also reports on other transactions such as Actual ATM (volume and value) versus budget, Transaction Failure rate analysis, Transacting Customer Analysis, Active Ratio analysis and Predictive Analytics”,Adewale concluded.

The FinTrak E-Channel Solution reconciliation module comes with an inbuilt algorithm that decodes complex Electronic Journal Files, carry out data extraction from all available sources and provide a status for any transaction ID in no time.

 

 

Anthony Emeka Nwosu

 

 

“With various scope of the software such as Data Extraction, Data Integration, Data Cleansing, Data Analysis, Report Building and Visualizations, Volume and Value Monitoring, Transaction Management, Revenue Analysis, Budget Analysis and all other Reporting Requirements as needed by client. E Channel software helps organizations in cleansing and analysis of data, each module provides reports such Transaction Count and Value by branch, region and customer. Successful versus Unsuccessful transaction summary. Also reports on other transactions such as Actual ATM (volume and value) versus budget, Transaction Failure rate analysis, Transacting Customer Analysis, Active Ratio analysis and Predictive Analytics”

 

 

OUR SOFTWARE KACHASI IS IN PRODUCTION IN MANY COMMERCIAL AND MERCHANT BANKS IN NIGERIA TODAY – ONYEBUCHI

OUR SOFTWARE KACHASI IS IN PRODUCTION IN MANY COMMERCIAL AND MERCHANT BANKS IN NIGERIA TODAY – ONYEBUCHI

 

In this media chat, Chuks Onyebuchi, the Chief Executive Officer of Union System Limited an indigenous fintech and software development firm with “solid” footprints in financial sector in Nigeria and beyond talks about their various solutions in Nigerian banks and how they have been able to deploy world-class financial trading solutions with robust support system. He talks about other issues bedeviling the industry such as dearth of human capacity and skills and perception of Nigerians towards indigenous software. Anthony Nwosu captures this in an exclusive interview.

 

Union System Limited has been in the ICT ecosystem for some time, can we know the journey so far?

USL has been a player in the delivery of financial software solutions to financial institutions for over 2 decades, in this time, we have seen a steady increase in the intricacies of software requirements from these institutions as their process have evolved to suit the increasing sophistications of their customers. This has inevitably brought about the demand for more efficient but simpler to use solutions, this is what USL prides herself in being able to continuously deliver.

Can you consider yourself as a Fintech considering that you deal with Trade Finance Software?

Yes, USL is a financial technology provider, we however deal primarily at the provision of business to business (B2B) enterprise financial software solutions. These solutions have a longer development cycle, a longer implementation cycle and are very integral to achieving the objectives of the financial institutions that adopts them.

You have deployed your solutions for notable financial houses and banks such as Access, Coronation, FCMB etc., how has this been?

These implementations and many others have not only been successful but have helped these banks meet their strategic objectives. Our solutions are very flexible and highly configurable eliminating almost completely the need for customizations. This has increased the rate of adoption within our client’s organization and faster return on investments (ROI).

You recently had a seamless integration to the CBN monitoring, can we know how this happened?

The TRMS is one of several regulatory portals through which the CBN monitors specific international trade and treasury related transactions. Through collaboration with major financial institutions in Nigeria, we had integrated to similar regulatory portals such as the NSW, NCS and the NIBBS portal, so the integration of the TRMS portal was achieved with little challenges. It also helped that we were involved, also through our existing collaborations, with the testing of the initially release pilot version.

Do you think that Banks are investing much in IT infrastructure now that a lot of skills are leaving the country especially in the area of software development?

Yes, banks are investing more in technology as the volume and sophistication of the transactions and process they must do is increasing. However, banks should concentrate on banking and investing more in technology partners such as indigenous OEMs. Whichever way they choose to invest, whether directly into the business or by paying the right prices for indigenous software solutions, they would be saving money in the long run. These savings can take the form of little or no need to source for FX to pay for software solutions, the availability of local support, reduced maintenance cost, just to mention a few.

What is your take on capacity building in the industry?

We are losing a lot of talents to the sweeping “japa” syndrome engulfing us, as such more targeted social welfare initiatives must be invested in by both the public and private sectors to not only build new capacities but retain existing ones. If there are deliberate regulations in place to support home grown systems and they are paid appropriately for their solutions, these companies would in turn be able to pay those with the needed skillset commensurately with their international counterparts, ultimately reducing the brain drain plaguing the industry.

Do you think that Nigerians have the capacity to build a world-class software?

Definitely yes, USL has demonstrated this already with our flagship Kachasi international Trade Finance solution and our other financial solutions (Sakobia, Optimus, EGORA and tentacles). The same can be said about other sectors of the economy such as health, agriculture, education and so on where we have Nigerians driving change and competing effectively. As the support and adoption for world-class indigenous solutions, such as ours, increases, Nigerians will continue to break the glass ceiling and produce software that can compete on a global stage.

Kachasi, tell us how and where you have deployed this important trade software?

Kachasi is in production in 5 commercial and merchant banks in Nigeria today. We are in advanced stages of negotiation with several other banks in Nigeria and Kenya.

What is your support system like?

Our approach to support starts with building capacities within the banks right from the implementation stage thereby ensuring a formidable first line of support from within and that the right sense of ownership is attained before the end of the implementation project. Where the bank is unable to solve the problem with its first line of support, the issue is logged on our support portal, ISURA, where our team of experts representing a second line of support are available for prompt resolution.

ISURA is accessible by all our clients 24/7 for receiving and managing support request and a dedicated support team that ensures that all support requests are attended to in the shortest time possible. We also provide premium level support services for clients with more intense support requirements.

Did you build Trade-X, Isura and Optimus as software and what are the advantages?

Yes, Kachasi (previously Trade-X), Optimus (Single and multibank), Isura, Sakobia, Tentacles and Egora were all designed and developed by USL in our Lagos, Nigeria Head office. A major advantage of adopting our solutions is the elimination of the need to source for FX to license them. Our multiple decades of experience and understanding of the challenges of a particular market coupled with the ease of configuring a system to adapt to that market while providing international/standard best practices guarantees that all our solutions give the needed advantage to our clients and partners.

What differentiates your Tentacles software from others?

Tentacles is our Enterprise Service Bus (ESB) managing integrations and interoperability between diverse applications, channels, and portals both within and external to a financial institution. The drag and drop simplicity of setting up mediation for multiple message types, real time monitoring of all integration nodes and channels, and the very friendly user interfaces, requiring no technical knowledge are some of its advantages.

Can we know the challenges that you face as an organization?

Every sector has its peculiar challenges, I’d like to believe that one of the major challenges with the sector we operate in is that of a mindset. A lot of decision makers still believe that foreign solutions are always better than indigenous ones, and that the indigenous solutions are synonymous with less quality, this is not true for us as Union Systems. There is also this believe that indigenous software must be cheap because it is indigenous. What most people fail to realize is that the skillset required to create a software abroad is the same required in Nigeria. This is important because we must pay our people commensurably with their counterparts . This faulty mindset and low pricing push local software providers to lower their standards thereby creating products that are subpar when compared to their international counterparts. Ultimately there needs to be a concerted effort in the push for more partnership with credible and experienced local OEM and in turn increased adoption of indigenous solutions.

 

 

We are losing a lot of talents to the sweeping “japa” syndrome engulfing us, as such more targeted social welfare initiatives must be invested in by both the public and private sectors to not only build new capacities but retain existing ones. If there are deliberate regulations in place to support home grown systems and they are paid appropriately for their solutions, these companies would in turn be able to pay those with the needed skillset commensurately with their international counterparts, ultimately reducing the brain drain plaguing the industry.