Nigerian fintech firm Fintrak has launched an advanced credit ratings software designed to help banks assess customer creditworthiness, minimize loan defaults, and improve risk management in the financial sector.
Announcing the innovation in a statement on Saturday, Fintrak’s Group Managing Director, Bimbo Abioye, described the software as a transformative solution for the banking industry. He explained that it leverages artificial intelligence and advanced data analytics to provide real-time credit evaluations, enabling banks to make informed lending decisions.
“With the rising need for credit in Nigeria, banks must have reliable tools to assess risk efficiently. Our software delivers real-time credit evaluations, helping financial institutions minimize exposure to bad loans while ensuring loans are given to borrowers with proven repayment capacity,” Abioye stated.
The software is designed to analyze borrowers’ financial health, risk profiles, and repayment capacity before loans are granted. It integrates seamlessly with existing banking systems, automating the credit evaluation process to ensure faster loan approvals without compromising quality. By identifying potential risks early, banks can strengthen financial stability and reduce default rates.
Abioye noted that compliance with regulatory standards set by the Central Bank of Nigeria and other financial authorities was a key consideration in developing the software. He added that the solution is customizable for banks of all sizes and features bilingual capabilities in English and French, making it adaptable for use across Nigeria and the wider ECOWAS region.
The launch of this AI-powered tool comes at a time when Nigeria’s banking sector faces increasing demand for credit amid economic challenges. Abioye emphasized that adopting advanced technology is essential for banks to effectively manage risk while delivering seamless services to customers.
“Our Credit Ratings Software is not just about automation; it’s about enhancing financial stability and ensuring that banks have the right tools to make sound lending decisions. This innovation will strengthen Nigeria’s banking sector and contribute to the long-term stability of the financial system,” he said.
With its ability to improve loan assessment accuracy, enhance financial risk management, and streamline lending operations, Fintrak’s latest solution is expected to play a crucial role in shaping the future of banking in Nigeria and beyond.
