Bayport reaffirms commitment to drive Ghana’s financial inclusion agenda

By Patrick Paintsil

Publicly-listed payroll lender Bayport Savings and Loans Plc. says its strong capital base, an improved digital transformation across every facet of the business, and the noticeably favourable macro environment have repositioned it as a thriving business to lead the nation’s financial inclusion agenda.

“Based on our numbers, we can say that Bayport is not only growing; we are a thriving business. We managed year-on-year to grow our profits by more than 75percent.

Our loan book has crossed 1.1 billion with the potential to go even further; the headwinds are behind us at this point,” chief executive officer Mr. Akwasi Aboagye, said at the company’s turn on Ghana Stock Exchange Facts behind the Figures.

The company’s sustained growth was powered by an increasing loan portfolio, aggressive mobilization of cheap deposits, and conscious cost cutting measures that drastically downed its cost-to-income ratio.

Bayport remains adequately capitalized, posting a capital adequacy ratio of 11.9percent for the second quarter of this year—projected to close the year at 13percent.

“We always ensure that our growth is tied with our capital strength to give confidence to the market to continue doing business with us. The strategic driver for us has been our continuous support to the average government sector workers,” Mr. Aboagye said.

The company has reduced interest rates on lending by six percent in response to favourable macro market conditions to offer more relief to customers.

Also, as part of efforts to expand deposit mobilization and entrench financial inclusion, Bayport says it will continue to strengthen relations with partner institutions whiles roping in new clients.

Mr. Aboagye added: “We will continue with our strategic focus on rural and peri-urban communities to expand loan origination; and forge partnerships with universities, the security services and hospitals to expand loan origination.”