By Oluwatobi Opusunju and Chinedu James
FinTrak, an indigenous software company has set out to bridge the gap between deployment and understanding the imperative of International Financial Reporting System (IFRS) compliance in banks in a two-day capacity building event organized by the company to sensitize and train mortgage bankers on how to deploy the IFRS solution in their various banks.
The deadline for the implementation of IFRS was January 1st 2018. But less than 10 percent of the mortgage banking sector has deployed the solution raising concerns among stakeholders on the level of accounting and reporting in the mortgage industry. FinTrak’s training is addressing these concerns.
IFRS solution is an accounting standard set to revolutionize financial reporting globally. IFRS solution makes data processing and reporting easier when implemented in financial institutions.
The financial reporting system also enhances productivity in the banks, ensure financial reports are delivered in real time with drastic reduction in human errors.
Lead Consultant of IFRS 9, Mr. Abiodun Oyekunle noted that the two day event was designed to build confidence in the members of the Mortgage Banking Association of Nigeria (MBAN).
“The IFRS would revolutionize the mortgage sector and create seamless operation procedures for the Nigerian mortgage industry. We hope that with this two day training and capacity building, the regulators and players would understand the need to deploy the solution immediately. That is the aim of this program,” said Oyekunle.
“The benefits are immense from credit, control processes and also recognizing of losses. It wouldn’t be an incurred loss anymore and this is what we are letting the industry stakeholders understand. We are not dumping the IFRS solution on the banks, we are looking at end to end from training, sales support and bridging the knowledge gap,” he added.
FinTrak also announced plans to take the capacity training to Abuja to cater for the mortgage institutions in Nigeria’s administrative capital and the rest of northern region.