Bayport makes return to capital market — Raises GH¢50 million from bond market
Bayport Savings and Loans has made a return to the capital market through the issuance of a GH¢50 million bond.
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A release from the Ghana Stock Exchange noted that the return of Bayport was a demonstration of its remarkable resilience in the face of persistent economic challenges which saw the company achieve significant milestones in the first half of 2023.
As a result, the release said the bond market responded with strong demand to Bayport’s latest bond issuance, despite the institution’s absence from the market for several years.
The funds obtained were directed towards the company’s assets, leading to a two per cent increase in its loan advances compared to this time last year.
Additionally, its overall asset base expanded by six per cent.
Performance drivers
Bayport’s overall profitability was positively impacted by an improvement in its impairment position.
This was achieved through several initiatives in the collections space.
These 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.
Digital Journey
Since Bayport’s digital journey commenced three years ago, all back-office operational staff and agents have been fully trained to use the new applications that have improved loan turnaround time and customer experience.
In addition, a self-service e-money platform was launched as one of the self-service customer channels to facilitate Bayport’s 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.
Commenting on the company’s performance, the Chief Executive Officer, Akwasi Aboagye said “with digitisation we are transforming our business to grow rapidly and sustainably, while providing first-class financial solutions for our customers,”
“Through these and other initiatives, Bayport continues to take the lead in the savings and loans sector,” he stated.
He said the company also maintained its number-one position in the government payroll-lending space.
ESG highlights
The CEO also pointed out that the company has finalised the Client Protection Charter, underscoring an unwavering commitment to safeguarding and prioritising the interests of customers.
He said it had also successfully inaugurated an employee-led corporate social investment (CSI) initiative.