FinTrak, an indigenous financial software developer, has reiterated the need for mortgage banks and financial institution to prepare for migration to IFRS9 financial reporting tool, which is to be effective from January 1, 2018.
Speaking on the planned migration, the Group Managing Director of FinTrak Software Company Limited, Bimbo Abioye, said: “ 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.”
According to him, FinTrak IFRS 9 software is easily adaptable to any institution and with a robust after sales support which most of the over the shelf foreign software lack.
In the area of support , Abioye said: “We have over 120 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.”
According to him, “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.”
The Executive Director, Technical Services , FinTrak, Steve Ongharaka, added that “FinTrak IFRS9 solution, is not an option for most banks, 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 major challenges confronting financial institutions is how to migrate to IFRS 9 and where they can get adequate training of manpower that will operate the latest financial reporting software.
But FinTrak used the forum to assuage financial houses fears.
Software developer, 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 costs, we have come to notice that this has become one of their challenges.”
A wholly Nigerian software development firm, FinTrak IFRS 9 is in line with the IFRS specification. The software addresses the accounting for financial instruments. Having three main areas: classification and measurement of financial instruments, impairment of financial assets and hedge accounting. It will replace the earlier IFRS for financial instruments, IAS 39, when it becomes effective in 2018.
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