Connect with us

E-Financial

FinTrak Showcases Cost Saving, Efficient ERMS For Banks, Others

Published

on

Kindly share this post

 

 

There is no gainsaying that business climate nowadays has been challenging and impacting negatively on financial institutions’ and multinationals’ revenue.

 

To this end, large corporations are even concerned on eliminating time wasting and cost inefficient transaction processes, which FinTrak Software Company Limited has underscored as achievable with her flagship Enterprise Resource Management System (ERMS).

 

Speaking at a one workshop for bank chief executives and other clienteles, Mr. Bimbo Abioye, group managing director of Company told Nigeria CommunicationsWeek that the ERMS has become ubiquitous for improved transaction turnaround time for multinationals to achieve more with less costs through mobile transactions, online transactions and other electronic devices.

 

He said that inspite available technologies, some organization still engage very cumbersome processes due to manual operations, adding that automation is the only solution for such to achieve efficient processes.

 

Abioye, informed Nigeria CommunicationsWeek that through investigations, they discovered that some banks lost whopping sum amounting over N3billion due to their penchant cravings for foreign software (for IFRS alone), however, FinTrak stepped in to address some of the challenges.

 

The FinTrak GMD said, “We are here today to expose our platform to multinationals, especially the banks. At some other time, we will be meeting people in the public sector, oil & gas, insurance, amongst others. So, if you are at war on the revenue side, you have to do a lot on your cost management. That starts with your processes; you have to review them, eliminate wastes and inefficiencies. If possible, redesign your processes. So, we are coming in the process redesigning and re-engineering, automating the processes for key the concerned organization to achieve key strategies objectives and efficiency.

 

“It is paramount for such corporate entity to reduce the time wasted on carrying out transactions. These are cost drivers: if you spend more time to executive a transaction, invariably, you are incurring costs. So, improved transaction turnaround time will help you achieve more with less cost such as mobile transactions, online transactions and other electronic devices.

 

“On the operational-business side, you will be able to do process reduction. Some companies have very cumbersome processes due to manual operations. But automation will eliminate unnecessary areas. Therefore, our Enterprise Resource Management System (ERMS), will help you drive costs down, instill budget discipline in the workplace too”.

 

On banks penchant interest on foreign software, he said, “That is rapidly changing. We have been working with the banks over the years. FinTrak Software has become a household name in the market, because we have proven ourselves beyond reasonable doubts that ours perform better than foreign options. As a matter of fact, there are a number of implementations we have done which we were contacted when the foreign brands have failed. So, we have triumphed where foreign giants could not. We have superior products due to our deep industry knowledge and technological know-how to achieve strategic options that product should deliver.

 

“Recently, banking industry lost over N3billion to foreign software for IFRS alone. It didn’t work for them. The distinguishing factor between us and others is the subject matter: expertise. We are not just selling technology, rather we know the nitty-gritty and the business problems. Our products have been designed to solve these problems. At some points, we met the big names in the industry, but went ahead to re-implement assignment given to them, because they couldn’t perform creditably”.

 

He also hinted technology is crucial in fishing out ghost workers in the private sector like banks.

 

“Most large organization have such challenge. It may not be as much as what obtains in the public sector, but during interaction with a bank chief executive, he disclosed that by engaging contract staff, especially in large number, you have to track who is still working or should be removed from the pay list. So, there are people that left the employment, who are still been paid. Obviously, those are ghost workers.

 

To ensure IT & Software Security, Abioye said that FinTrak which boasts of 60 software engineers, have among the top management staff, specialists on information security.

 

“Personally, I facilitate CISSP credentials on IS (II) platform which is an ISO gold standard on information security training for organization. As a result of our expertise in the realm we have embedded applications with the security principles and practices. The design of our applications take security into consideration. For example, if you deploy our internet banking application, there are securities we have built into the architecture to ensure that even if hackers get into that environment, they cannot get access to the internal domain of the organization. So, the exposure is curtailed,” he said.

 

Speaking specifically on FinTrak’s business case to financial institutions & others, he said, “We are just telling the companies what they already know, which is: things are not the way they have been. So, you have to watch your purse. With FinTrak ERMS we are capable of managing your costs better for operational efficiency; improve the transaction turnaround time by optimizing the resources based on informed decisions.

 

“There should be effective cost control arising from budget control and regulatory compliance. So, we are able to improve compliance to internal and external policies. So, we reduce the changes of errors, fraud and forgeries and you will be able to manage your relationships better. All of those combined helps you to reduce cost significantly. These are testimonies we have from users already”.

 

FinTrak won Software Company of the year at the recent Beacon of ICT Award; having won in the 2014 & 2015 editions.

 

 

 

 

 

 


Kindly share this post

Nigeria CommunicationsWeek believes that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. So since 2007, we have devoted our energy to independent reportage of technology and how they affect lives.

Continue Reading
Advertisement
Comments

E-Financial

Lagos State Appoints MoneyMaster as Payment Partner for “Ounje Eko” Programme

Published

on

Kindly share this post

“Ounje Eko”, the food price discount initiative of the Lagos State Government, has appointed leading payment service bank, MoneyMaster Payment Service Bank Limited (MMPSB), as its collaborator in the bid to ensure ease of payments at the market.

MoneyMaster is one of the Central Bank of Nigeria-licensed Payment Service Banks (PSBs) to promote financial inclusion across Nigeria.

Under the partnership, MMPSB will apply its cutting-edge payment solution to engender easy payment and reconciliation in order to make   the experiences of Lagosians who will be getting their food supplies from the markets pleasurable. Its payment solution is also all-encompassing and ensures real time value to payment destinations.

The mobile bank was appointed as the collection and payment partner for “Ounje Eko” Food Markets programme which is a government initiative serving the five divisions of Lagos State. Consequent on this, MoneyMaster Payment Service Bank will collect payments in 57 LCDAs in the state.

The partnership gives credence to the quality of payment solutions that MoneyMaster is reputed for in its services to its growing business clientele in private and public sectors.

 


Kindly share this post
Continue Reading

E-Financial

CBN, EFCC Probe Banks, Firms over Alleged Forex Racketeering

Published

on

Kindly share this post

Central Bank of Nigeria (CBN), is investigating irregular foreign exchange transactions and forward contracts valued at approximately $2.4 billion.

CBN, EFCC Probe Banks, Firms over Alleged Forex Racketeering

The  inquiry follows an extensive audit by Deloitte, which scrutinized $7 billion in dollar debts accumulated under the bank’s previous leadership.

In the aftermath of the 294th Monetary Policy Committee meeting in Abuja, Yemi Cardoso, governor of CBN,  disclosed to journalists that the investigation, supported by the Economic and Financial Crimes Commission, among other security bodies, aims to clarify the legitimacy of these FX allocations identified as problematic by the audit.

“It was determined that a number of these transactions did not qualify…they were outright illegal. The law enforcement agencies are now looking into those transactions that as far as we are concerned, are not valid to be paid,” Cardoso detailed, emphasizing the unlawful nature of these forex deals.

The crux of the investigation lies in the audit findings that a significant portion of the scrutinized transactions lacked proper documentation and, in many instances, were deemed outright illegal.

However, the unfolding investigation has raised concerns within the organized private sector, with some entities contemplating legal action against commercial banks for unresolved forex bids.

Despite these tensions, Governor Cardoso reassures that the foreign exchange market remains open and transparent, inviting stakeholders to address their forex needs through the official channels.

Furthermore, Cardoso clarified the distribution of fertilizers to farmers as a one-off measure and not indicative of a shift back to direct interventions by the CBN, underscoring a commitment to strategic, regulatory governance rather than direct market involvement.

 

 

 

 

 

 

 

 


Kindly share this post
Continue Reading

E-Financial

CBN Urges Banks to Expedite Action on Recapitalisation

Published

on

Kindly share this post

Central Bank of Nigeria (CBN) has directed deposit money banks in the country to expedite action to increase their capital base from the current ₦25bn.

CBN Urges Banks to Expedite Action on Recapitalisation

Olayemi Cardoso, governor of CBN

Olayemi Cardoso, governor of CBN, stated this during the apex bank’s 294th meeting of the Monetary Policy Committee (MPC) on Tuesday in Abuja, when the MPC hiked the interest rate by 22.75% to 24.75%.

The apex bank chief said the MPC examined developments in the banking sector and expressed satisfaction that the industry remained stable. The committee, however, said to guard against risk, commercial banks in the country should accelerate their recapitalisation efforts.

Cardoso said, “The MPC also reviewed developments in the banking system and noted that the industry remains safe, sound, and stable. The committee thus called on the bank to sustain its surveillance and ensure compliance of banks with existing regulatory and macro-potential guidelines.

“The MPC also enjoined the banks to expedite actions on the recapitalisation of banks to strengthen the system against potential risks in an increasingly globalised world.”

 

 

 

 


Kindly share this post
Continue Reading

Trending