Developer offers institutions migration path via new software
FinTrak, an indigenous financial software developer has reiterated the need for Mortage and financial institutions to prepare for the migration to IFRS 9 financial reporting tool, which is to be effective from January 1st 2018. The Group Managing Director of FinTrak Software Co. Ltd., Bimbo Abioye, stated that “ Nigerian mortgage banks and financial houses should avoid the mistake that they made when they rushed for a foreign financial software that didn’t work for them back then in 2012 only for them to look inwards for an indigenous software provider.”
FinTrak IFRS 9 software is easily adaptable to any institution and with a robust after sales support, lacking in some foreign software solution. The solution is wholly Nigerian software developed by the firm. FinTrak IFRS 9 is in line with the International Financial Reporting Standard (IFRS) specification.
The software addresses the accounting for financial instruments. In the area of support, Abioye continued, “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 stressed 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.”
Similarly, Excutive Director, Technical Services, FinTrak, Steve Ongharaka, added that the solution was not an option for most banks, stressing that 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.”
One of the headaches of Nigerian banks is how to migrate to IFRS 9 and where they can get adequate training of manpower that will operate the latest financial reporting software. This question has been answered by the Software developer. FinTrak used the forum to assuage financial houses fears. The Software developer, IFRS 9 Unit, FinTrak, Biodun Oyekunle, noted that “we will be discussing with mortgage banks, banks and stakeholder so that they will have adequate training on the process of IFRS9. This will reduce their cost, we have come to notice that this has become one of their challenges,” he stated.
A wholly Nigerian software development firm, FinTrak IFRS 9 is in line with the International Financial Reporting Standard (IFRS) specification. The software addresses the accounting for financial instruments.