Nigerian fintech company Finntrak has presented an innovative credit rating software which allows banks to evaluate their customer base and reduce loan defaults.
The software which uses data analytics and artificial intelligence is intended to improve credit risk management and streamline the lending process for the Nigerian banking sector.
A statement signed by the company’s director Bimbo Abioye, described the software as a game-changer for financial institutions.
He said the software allows banks to make sound loan decisions, reducing the risk of failure and contributing to the long-term stability of the financial system.
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At Fintrak, we strive to provide state-of-the-art solutions that improve efficiency and sustainability. The implementation of credit rating software is a significant step forward for the banking sector, Nigeria,” Abioye said.
Kreditrating software was developed to assess financial health, risk profiles and borrowers’ ability to pay back loans. It seamlessly integrates into existing banking systems and provides real-time credit ratings that help financial institutions make data-controlled credit decisions.
According to Abioye, increasing demand for loans in Nigeria requires banks to have reliable means to assess credit risk.
With the rise in credit requirements in Nigeria, banks need to have overlapping measures to efficiently assess risk. Our software provides real-time credit ratings, helping financial institutions minimize commitments on poor loans while also ensuring that borrowers are granted loans with proven repayment capabilities,” he said.
Abioye explained that the software uses sophisticated algorithms to provide accurate credit risk ratings to assess borrowers’ creditworthiness, adding that it automatically enables faster credit grants without compromising quality and improving the overall customer experience.
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Financial risk management is also increased by identifying potential risks at the start of the lending process and reducing the likelihood of Creditus cases. Additionally, it complies with regulatory standards designated by the Central Bank of Nigeria and other tax authorities.
Abioye emphasized that the software meets the needs of different banks regardless of size and that bilingual skills are equipped in English and French.
He also emphasized that banks must introduce advanced technologies into today’s rapidly developing economy and described innovation as an important tool to strengthen Nigeria’s banking sector and contribute to the long-term stability of the financial system to effectively manage risk and provide seamless services for their customers.
