FinTrak, Indigenous financial software developer has reiterated on the need for Mortage banks and financial institution to prepare for migration to IFRS9 financial reporting tool which is to be effective from January 1, 2018.
Bimbo Abioye, group managing director, FinTrak Software, said that: “Nigerian mortgage banks and financial houses should avoid the mistake that they made when they rushed for foreign financial software that didn’t work for them back in 2012 only for them to look inwards for an indigenous software provider.”
He added that, FinTrak IFRS 9 software is easily adaptable to any institution and with a robust after sales support which most of the over the shelf foreign software lack.
According to him, “we have over 120 hundred engineers that are on the ground that will give our clients the support and after sales services required. In some cases, we give advisory services to the clients as part of our value added service. We just don’t dump software to the clients, we always do follow up. “
He explained that one of the high points of FinTrak IFRS9 software is to minimize human input by full automation. “Our team has been able to provide a financial reporting tool that has a high degree of transparency, accuracy and timeliness with the ability to explain any movement to the lowest level.”
Steve Ongharaka, executive director, Technical Services, FinTrak, noted that FinTrak IFRS 9 solution is not an option for most banks, mortgage banks and financial houses to monitor their credit manually.
“With the IFRS9 software, everything is automated. With this software, the system is scheduled and reports are delivered at a particular time, thereby increasing productivity and reducing wastage of man hours,” he said.
He said that FinTrak IFRS 9 is developed in line with the International Financial Reporting Standard (IFRS) specification. The software addresses the accounting for financial instruments. It has three main areas: classification and measurement of financial instruments, impairment of financial assets and hedge accounting. It will replace the earlier IFRS for financial instruments, IAS 39, when it becomes effective in 2018.