"Bayport Savings and Loans re-enters capital market with GHS 50m bond issuance"

" Bayport Savings and Loans re-enters capital market with GHS 50m bond issuance \r\n\r\nBayport Savings and Loans has demonstrated remarkable resilience in the face of persistent economic challenges and achieved significant milestones in the first half of 2023.\r\n\r\nAs a result, the market responded with strong demand to Bayport\u2019s latest bond issuance, despite the institution\u2019s absence from the market for several years.\r\n\r\nThe funds obtained were directed towards the company\u2019s assets, leading to a 2% increase in our loan advances compared to this time last year. Additionally, its overall asset base expanded by 6%.\r\n\r\n Performance driver \r\n\r\nBayport\u2019s overall profitability was positively impacted by an improvement in its impairment position. This was achieved through several initiatives in the collections space.\r\n\r\nThese included refining the processes for reinstating lapsed loans, enhancing field collection operations and the recommencement of sales after a period of non-activity due to macroeconomic factors. These measures improved our provision coverages, consequently, performance.\r\n\r\n Our digital journey \r\n\r\nSince Bayport\u2019s digital journey commenced three years ago, all back-office operational staff and agents had been fully trained to use the new applications that have improved loan turnaround time and customer experience.\r\n\r\nIn addition, a self-service e-money platform was launched as one of the self-service customer channels to facilitate Bayport\u2019s migration to a cashless operation. Other initiatives on the digital journey include the launch of self-origination via WhatsApp and USSD, a solution that will enable customers to apply for a loan using their phones.\r\n\r\n\u201cWith digitisation we are transforming our business to grow rapidly and sustainably, while providing first-class financial solutions for our customers,\u201d says Akwasi Aboagye, CEO of Bayport Savings and Loans. \u201cThrough these and other initiatives, Bayport continues to take the lead in the savings and loans sector.\u201d\r\n\r\nBayport also maintained its number-one position in the government payroll-lending space . \r\n\r\n ESG highlights \r\n \r\n \t Finalised the Client Protection Charter, underscoring an unwavering commitment to safeguarding and prioritising the interests of customers. \r\n \t Successfully inaugurated an employee-led corporate social investment (CSI) initiative. \r\n \r\nBayport Management Ltd (BML) is the holding company of subsidiaries operating in eight countries in Africa and Latin America: Botswana,\u00a0Colombia,\u00a0Ghana,\u00a0Mozambique,\u00a0Mexico, Tanzania, Uganda\u00a0and\u00a0Zambia.\r\n\r\nBayport has an extensive footprint of more than 400 branches in Africa and Latin America, in addition to a variety of digital customer channels that enable the delivery of a broad range of financial solutions.\r\n\r\nThe group of companies provides financial solutions to formally and informally employed individuals in emerging markets who are unable to access traditional banking services.\u00a0Initially, Bayport provided unsecured personal loans only, but in recent years the company has branched out into insurance and savings products."

"Bayport Savings and Loans re-enters capital market with GHS 50m bond issuance"

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