Men's Shoes Category

Investor confidence in Bayport Savings and Loans soars on impressive half-year results

Bayport Savings and Loans has announced that it has attained significant gains in the first half of 2020.

According to the company, it has remained resilient through the COVID-19 pandemic, recording a profit after tax of GHS8.4 million, which is a significant increase on the GHS185 000 achieved for the same period in 2019.

The impressive profit performance was driven by a growth in interest income resulting from the implementation of key strategies over the last two years, significant savings from cost optimisation initiatives, and a significantly reduced forex exposure.

In addition, the company recorded a 3% growth in total assets to GHS809 million, compared to GHS788 million in 2019.

Bayport’s digital strategy was instrumental in realising these results with its focus on enabling digital loan origination through appropriate tools and application platforms, as well digitally equipping agents in the field.

The focus for the second half of the year is to complete the digitisation of back office processes, which will ultimately empower customers to engage directly with the company and access self-service channels.

Bayport maintained its market-leading position in the government payroll lending space with 21% market share (total CAGD deductions). It furthermore enhanced its customer value proposition and experience by improving time to cash from above 24 hours in 2019 to only 3 hours.

Bayport commenced its digital journey two years ago and has successfully launched several initiatives since. These include:

• More than 1 000 agents were migrated onto the MyBayport app installed on tablets provided by the business; enabling them to onboard and engage customer in the field
• Back office operational staff and agents have been fully trained on the use of these new applications which has improved loan turnaround time and customer experience.

Bayport is optimistic about its future as it prepares to introduce unique digital platforms in the second half of the year. These platforms will facilitate the migration to a more seamless operation, and enhance business transformation through digitisation so as to accelerate growth and provide first-class banking solutions for customers.

In addition to its strategy-driven operational changes, Bayport restructured its board in 2019 when three board members retired and were replaced with new members to oversee the business’ transformational agenda.

Bayport’s board structure has always provided a solid foundation for purposeful supervision and governance of the business. It is this robust corporate governance environment, that fosters its market’s trust and confidence, and underpins its favourable half-year performance.

On the corporate social investment front, Bayport supported the country in the areas of health and education. It awarded scholarships to numerous students to attend primary, secondary and tertiary institutions across the country. This brings the total number of students who have benefitted from the Bayport Educational Scholarship Scheme to 120. In the fight against Covid-19, Bayport made donations worth more than GHS150 000 to selected isolations centres.

BAYPORT MANAGEMENT LIMITED (BML)

Bayport Management Ltd (BML) is the holding company of subsidiaries in nine countries, in Africa and Latin America. These are Botswana, Colombia, Ghana, Mozambique, Mexico, South Africa, Tanzania, Uganda and Zambia.

Through an extensive footprint of both fixed and mobile branches, Bayport delivers a broad range of financial solutions to formally and informally employed individuals in emerging markets who are unable to access traditional banking services. Bayport started out providing only unsecured personal loans, but has in recent years branched out into insurance, and savings products.

Bayport gives effect to its financial inclusion mission by embracing technology, product leadership and innovation, and strive to be the leading Credit Solutions Provider, in its chosen markets.

 

About Ghana Banks

Check Also

UMB appoints Nii Amankra Tetteh as Executive Director of Business

Universal Merchant Bank (UMB) has appointed Nii Amankra Kwashie Tetteh as its Executive Director, Business. …

Men's Shoes Category