Fintrak, a Nigerian fintech business, has released its cutting-edge credit ratings software, which is intended to assist banks in determining the creditworthiness of their customers and lowering loan default rates.
The program seeks to improve credit risk management and expedite the loan process within Nigeria’s banking industry by utilizing artificial intelligence and advanced data analytics.
The program is a game-changer for financial institutions, according to Bimbo Abioye, Group Managing Director of Fintrak, who announced the breakthrough in a press statement signed by the company on Saturday.
According to him, the software gives banks the opportunity to make well-informed lending decisions, which lowers the default risk and promotes the financial system’s long-term stability.
Before loans are issued, the credit rating program is intended to assess the risk profile, repayment ability, and financial stability of borrowers. It offers real-time credit assessments that support financial organizations in making data-driven lending choices, and it interfaces easily with current banking systems.
The program is adaptable to the requirements of various banks, regardless of size, and has bilingual features in English and French, which makes it appropriate for use throughout Nigeria and the larger ECOWAS area, Abioye emphasized.
He also emphasized that banks need to embrace cutting-edge technology in today’s quickly changing economy in order to efficiently manage risk and offer seamless services to clients. He called the innovation a crucial instrument that will support Nigeria’s banking industry and the long-term stability of the financial system.
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