Nigeria 2017 | TELECOMS & IT | INTERVIEW

TBY talks to Bimbo Abioye, Group Managing Director of FinTrak Software, on the company's portfolio of solutions, other key sectors of interest to the company, and using ICT to help businesses.

Bimbo Abioye
Bimbo Abioye holds an MBA in information technology from Onabisi Onabanjo University and a certification from the Institute of Chartered Accountants of Nigeria. He worked at ADH as an internal auditor for two years and later as head of finance and systems at the same company. He later moved to Reliance Bank, where he worked as a group head for financial control and ICT services and Acting General Manager of Operations and Technology. He has been the Group Managing Director at FinTrak Software since 2006.

What is the history and background of FinTrak Software in Nigeria?

FinTrak Software started in 2006 as a consultancy firm. Our core business focus was technology and financial consulting services. Over the years we discovered that our technology arm was becoming too big to manage as a consultancy company. Therefore, in 2013 we formed FinTrak Software to take over the technology business. One of the factors that has distinguished us as a software company is our subject matter expertise in the solutions environment. A number of us in the executive management team have a diverse background spanning consulting, banking, internal and external auditing, and other financial services experience. We have hands-on experience of the relevant problem areas coupled with the technological know-how to deliver solutions that fit. This means our solutions talk directly to business. This is one critical edge FinTrak Software has as a company.

How has the company's portfolio of solutions developed over the years?

Our mission is to be the number-one global enterprise solutions provider. One of the problems that businesses face today is that they do not have a single solution that enables them to do all of their business. They end up buying different solutions to deal with different problem areas. This makes coordination of their overall IT systems a problem. Our objective is to provide enterprise solutions that clients can use to drive their business from A to Z. Our focus is on enterprise. As enterprise solution providers in the banking environment, we offer a complete banking system. This has various solution components that financial services industry players require from retail to corporate banking, credit processing, internet and mobile banking, and e-payment solutions. At the back-end of this there is data warehousing and business intelligence. This is massive in scope. Our structure is such that we have groups focused on the various business segments in a coordinated environment that ensures that everything sits well together. The beauty of this is we are able to meet the needs of any organization within our business scope. If companies are not seeking to change their core banking system then they can perhaps look just at the areas where they have problems. We can provide solutions specifically for those areas. Fintrak Software is also the leading player in Africa for financial reporting solutions based on international financial reporting standards (IFRS). We are the only local player in that domain. We have also taken this solution outside to other countries in Africa.

Aside from banking, what other sectors do you want to target in the near future with your software solutions?

We currently work a great deal with banks; however, we have certain solutions like our ERP Software solution that talk to every business. That solution has a Finance/Ledger System module that every business entity can use; it also covers all back-office activities including procurement, planning, processing, fleet management, fixed asset, equipment, and transport logistics management. It covers the full cycle of businesses, including human capital management. It talks to all industries from oil and gas companies to manufacturing and virtually every other sector of the economy. We have plans to come out with a scaled-down version of this solution for SMEs.

What role can FinTrak Software play as a software developer to change the ICT environment and the lives of people in Nigeria as a result?

One of the ways we use the internet to help businesses is with mobile solutions and these help reduce transaction processing time. Our enterprise resource management system is an ERP platform that enables a client's entire workforce to do various activities and, if required, to rely on that via their mobile devices. This helps to achieve a quick turnaround in transaction processing. We also have internet banking solutions so that customers can interact with their bank from anywhere in the world.