By 
By Oluwatobi Opusunju
FinTrak, an indigenous financial software company is championing how financial institutions can leverage its credit management solution, Credit Risk 360 to tame the many challenges associated with credit risk within the financial space in Nigeria.
FinTrak Credit Management solution is a flexible and integrated solution that empowers banks to completely transform their loan proposal management ‒ right from origination to repayment.
According to the company, the solution has the capacity to accommodate variants of credit approval levels, even as it integrates with the bank’s existing systems to provide a seamless, centralized platform for each stakeholder involved in loan approval. The systems include risk scoring engines, loan management systems, and collateral management system among others.
“FinTrak Credit management Solution is designed to enable the Bank consistently meet its enterprise credit objectives; some of which are Improvement of operational efficiency and reduction of turnaround time,, Empowerment of Account Officers to focus on consultative selling, rather than data management, Compliance with stringent audit and regulatory requirement, Ensure predictability and transparency and Mitigation against the risk of fraud, errors and bad loan creations through automation among others,” said CEO of FinTrak, Mr. Bimbo Adeoye.
From loan origination to walk-out, the solution boasts of an array of credit processing that include Loan impairment (IFRS Compliant), corporate Bulk loan breaking , credit reporting , disbursement execution, loan restructuring, credit documentation, credit appraisal (financial analysis and risk rating), loan approval and, offline and mobile loan approval.
“FinTrak Credit Management solution is an end to end system that manages the whole credit process from loan origination to termination. Our solution automates the credit process flow,” said Core Banking/Credit Facilitator for FinTrak, Chris Sualeze.
Some of the functionalities of the solution are: it is web based and can be easily accessed from all branches of the bank without separate installations on branch by branch basis; multi user, multi-currency and multi branch, and work flow driven implementation.
Others are its permits new products creation and product branding; it has extensive security implementation — all activities are controlled by user profiles; approval mechanism for all banking and operational transactions that are so subject to approval among others.
FinTrak Software has built reputation in financial services industry as software that works. The company has far deployed solutions in countries that include Nigeria, Benin, Togo, Gambia, Senegal, Rwanda, Congo, and Zambia.
