Bayport Savings and Loans has demonstrated remarkable resilience in the face of persistent economic challenges and achieved significant milestones in the first half of 2023.
Despite its absence from the market for several years, Bayport’s latest bond issuance received strong demand from the market. The funds obtained from this issuance were directed towards the company’s assets, resulting in a 2% increase in loan advances compared to the previous year, and an overall expansion of its asset base by 6%.
One of the key drivers of Bayport’s improved profitability was an enhancement in its impairment position. This was achieved through various initiatives in the collections space, including refining processes for reinstating lapsed loans, improving field collection operations, and resuming sales activities after a period of non-activity due to macroeconomic factors. These measures led to improved provision coverages and overall performance.
Bayport embarked on a digital journey three years ago, training all back-office operational staff and agents to use new applications that have enhanced loan turnaround time and customer experience.
The introduction of a self-service e-money platform and other digital initiatives, such as self-origination via WhatsApp and USSD, have further facilitated Bayport’s migration to a cashless operation and improved customer service.
Akwasi Aboagye, CEO of Bayport Savings and Loans, emphasized the transformation of the business through digitization, enabling rapid and sustainable growth while delivering top-tier financial solutions to customers. Bayport also maintained its leading position in the government payroll-lending space.
In terms of environmental, social, and governance (ESG) highlights, Bayport finalized the Client Protection Charter to prioritize customer interests and inaugurated an employee-led corporate social investment (CSI) initiative.
Bayport Management Ltd (BML), the holding company of subsidiaries operating in eight countries across Africa and Latin America, continues to provide financial solutions to both formally and informally employed individuals in emerging markets. With an extensive footprint of more than 400 branches and digital customer channels, Bayport embraces technology and innovation to fulfill its mission of financial inclusion in developing markets.