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FinTrak Showcases Cost Saving, Efficient ERMS For Banks, Others

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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.

 

 

 

 

 

 


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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.

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E-Financial

MoneyMaster PSB Marks 2024 Global Money Week

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MoneyMaster Payment Service Bank Limited (MMPSB), Nigeria’s payment service bank, is joining blue chip companies and other corporate entities across the globe to celebrate the 2024 Global Money Week from March 18 to 24, 2024.

In a press statement issued on the celebration, MMPSB emphasized  its commitment to the provision of top-notch banking services to its customers at all times, including payment services through wallets, savings, individual and business accounts, as well as provision of a platform for customers to buy airtime/data, pay bills and subscribe to cable television, amongst others.

MMPSB said its plans for the week include a “Catch them Young” experiential campaign to tutor kids on the need to embrace savings and investment culture. An estimated 5,000 students from across major schools in Nigeria have been programmed to participate in the week-long financial literacy training in the bank’s coordinating centres across 10 states.

Besides this, the MoneyMaster team will also engage teachers and enlighten them on basic knowledge of savings and investment for future purposes.

The bank added, “As part of the week-long celebration, MoneyMaster PSB will also be releasing thought leadership videos on safety and security on how banking customers can protect themselves. These videos will be shared to its customers via direct email and also on its social media handles for the benefit of the general public”.

The week, celebrated annually, creates global awareness-raising campaign on the importance of ensuring that young people, from an early age, are financially aware, and are gradually acquiring the knowledge, skills, attitudes and behaviour necessary to make sound financial decisions and ultimately achieve financial well-being.

“Protect your money, secure your future”, the theme for this year’s celebration,  is focused on safe money management, underscoring  the importance of adopting a responsible and informed approach to personal finance, by being aware of potential risks in the financial sector and protecting one’s hard-earned money.


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Moniepoint Emerges Lead Sponsor of Payments Forum Nigeria – PAFON 1.0

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Moniepoint Inc. a global digital financial services provider with operations in Nigeria and an ongoing expansion into other emerging markets, has emerged the lead sponsor of the maiden edition of Payments Forum Nigeria (PAFON 1.0).

Payments Forum Nigeria [PAFON] is an event focused on providing inside-look at the payment industry in the country, offering perspectives from key stakeholders, including payment networks, technology innovators, leading merchants, issuers, acquirers and payment processors.

The Forum is scheduled to take place this Thursday, March 21, 2024 at the Oriental Hotel, Lekki Road, Lagos by 9am-12noon, under the theme: “Payments: Trust, Security and Privacy in AI Era”.

Register here: https://bit.ly/4c4N19H

Moniepoint Inc., founded with the vision to create a society where everyone experiences financial happiness, joins other sponsors of the event: Digital Encode Limited (a leading consulting and integration that specializes in the design, management, and security of business-critical architecture); Cybervergent (a company dedicated to helping protect business sensitive data from cyber-attacks, including customer information, financial records and intellectual property); Payble (a fintech startup that modernises local government payments such as creating citizen-centric payment experiences, delivering flexible billing and simplified rate collection, and Inlaks, an IT company that offers core banking, fraud management, cybersecurity, cloud, data center, enterprise risk management, amongst other industry players.

Moniepoint Inc is the parent company of TeamApt Limited, a Central Bank of Nigeria (CBN) licensed Switch and Processor, and Moniepoint Microfinance Bank, a CBN-licensed Microfinance Bank, and operates the largest distribution network for financial services in Nigeria through its subsidiaries, and has been awarded by the CBN in 2022 as the most inclusive payment platform in the country.

Over 70 million people use their cards on Moniepoint’s POS terminals monthly across every local government in Nigeria.

Led by its Group CEO, Tosin Eniolorunda, Moniepoint Inc.’s technology has powered businesses, offering all the payment, banking, credit and business management tools they need to succeed. It aims to power the dreams of businesses, their employees and customers by providing them with the financial technology tools they need to grow, no matter their digital literacy level.

Moniepoint Inc. currently processes the majority of the POS transactions in Nigeria through its subsidiaries, processing over $182 billion in TPV. It is Africa’s largest Fintech by transaction volume. It is profitable and, in 2022, became QED Investors’ first investment into Africa.

Moniepoint Inc was recently named as the Fintech Company of the Year by the Leadership Newspapers Group.

Speakers:

Meanwhile, speakers lined for PAFON 1.0 are: Chibuzo Efobi, Director, Payments System Management, Central Bank of Nigeria (CBN); Festus Amede, Chairman, Committee of Chief Information Security Officers of Nigerian Financial institutions (CCISONFI); Dr. Adewale Peter Obadare, Chief Visionary Officer (CVO), Digital Encode Limited; Adetokunbo Omotosho, Chief Executive Officer, Cybervergent; Roosevelt Elias, Founder, Payble; Ikenna Ndugbu, Chief Compliance Officer, Moniepoint MFB, and others.

Participation:

Participation is FREE, however, pre-registration is required: https://bit.ly/4c4N19H


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BVN Registration Hits 61.16m

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Nigeria Inter-Bank Settlement System has said the registration for the Bank Verification Number (BVN) has now increased to 61.16 million, according to Vanguard report.

NIBSS disclosed this on its website on Saturday, adding that the BVN is 61,166,384 as of Friday, March 15, 2024.

Earlier in the year, the agency had reported that as of January 26, the BVN count stood at 59.9 million.

This indicates that there have been 674,280 new registrations for BVN between late January and mid-March.

The need for Nigerians to register their BVN arose following the demands by banks and telecommunication companies asking people to link their accounts and phone numbers with SIM.

Majority of Nigerians have let out their frustrations at some point when the linking of BVN with accounts were not successful.


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