Fintrak Software Limited has introduced ‘Fintrak Credit 360,’ an Artificial Intelligence (AI)-powered credit risk management software, to revolutionised credit processes within banks and allied institutions across Africa.

According to the firm, the software has garnered unanimous acclaim for its seamless integration of AI and Machine Learning in credit risk management across countries in Africa.

The Group Managing Director of Fintrak Software, Bimbo Abioye, said the software brings transformative impact on credit lifecycle, adding that unlike the conventional banking solutions, it comprehensively captures every stage of credit management from origination and appraisal to customer approval, loan approval, and rescheduling.

He said the infusion of AI ensures a flawless execution of these processes, thereby eradicating the possibility of human error.

Abioye emphasised the software’s ability to automate credit transactions, including intricate processes like payday loans and end to end.

He said through strategic integration with credit bureaus and regulatory bodies like the Central Bank of Nigeria (CBN), Fintrak Credit Risk 360 emerges as a holistic solution for any bank and empowering them to manage various loan types effectively.

Also, the Head of Commercial Banking SBU, FinTrak Software, Christopher Sualeze, highlighted the software’s open architecture, making seamless integration with other credit software possible.

He also emphasised its prowess in anomaly detection and behavioral analysis of customers facilitated by a dynamic product rack.

Sualeze said Fintrak Credit Risk 360 incorporates a comprehensive array of core components essential for managing credit risk effectively.

According to him, this robust system encompasses features such as loan origination and collateral management, corporate bulk loan breaking, credit reporting, disbursement execution, loan restructuring, and real-time loan monitoring.

He noted that the system further integrates an embedded document management system, utilising cutting-edge artificial intelligence and machine learning technologies for efficient data analysis and decision-making processes.

Sualeze added that it also streamlines credit documentation processes, including Credit Approval Memos (CAM) and Credit Approval Forms (CAF) as well as facilitates rigorous credit appraisal through in-depth financial analysis and risk rating methodologies.

“The system further extends its functionality to accommodate various approval levels, from bank officers to credit committees and board committees. It provides mobile loan approval capabilities, ensuring flexibility and accessibility for stakeholders involved in the approval process.

“Through its digital lending capabilities, the platform transforms the lending experience, making it more efficient, transparent, and secure for both financial institutions and borrowers,” he stated.

On his part, a seasoned banker from Gambia, Omar Mboob, attested that Fintrak’s software has streamlined their operations, introducing meticulous underwriting and enhancing client oversight.

He said the automation features have instilled confidence in auditors due to adherence to international financial reporting standards (IFRS), while significantly boosting efficiency and productivity.