Banks Urged to Invest More in Risk Management Solutions


The Group Managing Director of FinTrak Software Limited, Mr. Bimbo Abioye, has urged financial institutions, especially banks, to invest in bespoke risk management software solution that is designed to meet the peculiar needs of banks and financial institutions in the country.

According to Abioye, FinTrak Software Limited, has enhanced its Credit Risk 360 Software, an end to end loan underwriting and management system designed for financial risk managers in the country and beyond.

“FinTrak Credit Risk 360 solution has demonstrated robust performance and high level of encryption and strengthened with Artificial Intelligence (AI) and Machine Learning (ML) technologies to drive end to end digital lending activities for small ticket loans and also support loan granting decisions on mid ticket transactions whilst providing robust loan monitoring system.

“The Credit Risk 360 software has been built in line with the global best practice for the financial services sector and also for public sector intervention funds management. The software also has mobile application which can be used on the go to drive quick transaction turn-around time and enhance operational efficiency,” Abioye said, and advised banks to invest in robust technology solution.

According to him, FinTrak Credit Risk 360 was designed to help banks meet the need to identify, measure, monitor and control credit risk as well as to assist FIs to ensure 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 and also via web browsers anywhere in the world via it’s highly secured mobile application”, Bimbo added.

“Credit Risk 360 is integrated to two of the three credit bureaus in the country and the third are in the process of integration. This makes feedback from credit bureaus on obligors being underwriting instantaneous and seem less on Credit Risk 360. The platform is also integrated with Central Bank’s CRMS platform for seemly acquisition of loan booking codes and seem less reporting.

With the software, banks are made to comply with the Central Bank of Nigeria credit policies and more importantly regulatory reporting requirements. Bad loans and risk of frauds via automation are significantly mitigated with the software.

Head, Credit Risk 360 Implementation, Fintrak, Christopher Sualeze, said: “We took into consideration the various challenges that the risk managers face in the country while building this software.”