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FinTrak Bags Two BoICT 2015 Distinguished Awards

Lagos, Nigeria, April 28, 2015 – At the Beacon of ICT (BoICT) Distinguished Awards Event, FinTrak Software Co. LTD, a pan-African fast growing leader in Software development and services for banks, insurance, manufacturing and other sectors, won the “Software Company of the Year” award;  while the Group Managing Director, ‘Bimbo Abioye won the “ICT Entrepreneur of the Year” award.

AWARD BADGE

In 2014, FinTrak Software Co. LTD won the ‘Software Company of the Year 2014’and retained the same in this year’s awards. While, the GMD of the Company won the prestigious award of the “ICT Entrepreneur of the Year” for the first time on the Beacon of ICT (BoICT) Awards platform. Both of these awards underscore FinTrak’s position as an innovative and excellence driven company being led by a man with passion for ICT and an exceptional executive visionary and innovative leadership acumen.

The Beacon of ICT (BoICT) Distinguished Awards is organized by Nigeria Communications Week. The award is the biggest industry event with the aims of recognizing and rewarding companies that have contributed immensely to the country’s fast growing field of ICT. This is a respected merit-centric award for outstanding companies with best practices.  This year’s event which took place on 25th of April 2015 at the Eko Hotels and Suites in Lagos had Executives from Telecoms, NCS, ITAN, NITDA, NCC, NBC and others in attendance.

In his reaction to the awards, Bimbo Abioye highlighted that “I am very honoured to receive this prestigious awards. At FinTrak Software, we have always been focused on staying ahead of the curve, anticipating and quickly adapting to change and positioning our business model to capitalise on the developments in an increasingly digitalised world. These awards come as a call for more on our part and we are committed to working and achieving higher successes as we push the boundaries in the ICT Industry here in Africa and beyond”.

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FinTrak Software is a global ICT organization providing technology and business solutions to commercial banks, mortgage banks and other financial institutions across Africa. Their core mission is to support businesses with technologies and intellectual strength required to enable them surpass their stakeholders’ expectations, through strategic alliances. Their team has successfully implemented over 100 technology solutions for various enterprises engaged in Commercial Banking, Mortgage Banking, Insurance and Manufacturing across: Nigeria, Benin, Togo, Cote D’Ivorie, Gambia, Sierra Leone, Ghana, Senegal, Rwanda, Congo, Zambia and more in progress from our business offices in Nigeria, Ghana, Gambia and Kenya.

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E-Commerce, E-banking and the Nigerian Market

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In the wake of the second quarter of 2014, Nigeria was pronounced as the largest economy in Africa with GDP of $510 billion. Interestingly, unlike the much over-emphasised reliance of the economy on Oil, recent figures have shown the huge contributions of Telecoms, banking and the Nollywood film industries adding to the indices. With a closer look at the telecoms sector of the country also, it serves as a good platform for internet penetration in Nigeria which has now risen to about 62.4 million users as at 2013. Hence, the quantum leap in E-actives in most sectors of the economy.

The Nigerian banking industries are all now leveraging on this e-commerce platform to fully maximise their potential and the market is evidently promising. The use of E-banking/ payment platforms have been recently experienced a steep rise; even with the Cashless Policy of the Central Bank of Nigeria (CBN). In this regard, recent figures from the CBN shows that the volume of Point of Sale (PoS) transactions increased astronomically from less than 2000 monthly as at January 2012 to 1.6 million per month in June 2014 while transactions in value moved up from N38 million per month in 2012 to N24 billion monthly. Also, Value of interbank transfers, captured through the Nigerian Inter- Bank Settlement System (NIBSS), jumped from N51 billion monthly in January 2012 to over N1.5 trillion as at June 2014

However, on the backdrop of these huge records arises the security challenges that come with Internet businesses in Nigeria. Regulatory bodies have come up with several anti-fraud tools like tokenization and encryption for electronic transactions, Payment Card Industry Data Security Standard (PCI DSS) as well as the Payment Application Data Security Standard (PA DSS). All these are wonderful measures, but the need for a robust country-complexity-specific IT solutions cannot be overemphasised. This brings software companies on the front burner yet again.