Accra, Ghana – Bayport Savings and Loans Plc successfully raised GHS150 million from the corporate bond market in 2023, positioning itself for sustained growth and financial resilience. This landmark achievement was announced by the company’s Managing Director, Mr. Akwasi Aboagye, during the Ghana Stock Exchange’s (GSE) “Facts Behind the Figures” event held in Accra.
According to Mr. Aboagye, the bond issuance was a critical part of Bayport’s funding strategy for 2023, as the company sought to expand its operations and strengthen its financial position amidst a challenging economic environment. “In 2023, we raised a total of GHS150 million from the bond market. We are deeply grateful to the Ghana Stock Exchange for their unwavering support, as this funding was essential to driving our growth,” he stated.
Bayport’s approach to growth in 2023 combined bond financing with aggressive deposit mobilization. The company saw its deposit portfolio increase by an impressive 93% between 2022 and 2023. Mr. Aboagye explained that this strategy allowed Bayport to better serve its customers while deepening its presence in communities across Ghana. “We recognize the need not only to secure funding but also to stay close to the communities we serve. Growing our deposit base is part of our broader strategy to keep the business sustainable and accessible to all,” he added.
Bayport’s growth trajectory has been shaped by its strategic focus on payroll lending and financial inclusion. In 2022, the company disbursed loans to 46,000 customers, a number that surged to nearly 60,000 by 2023. This growth was largely driven by the company’s commitment to supporting government workers, particularly teachers in rural and peri-urban areas, where
Bayport continues to make a significant impact.
Digital transformation has played a key role in Bayport’s efforts to enhance efficiency and improve customer experience. Mr. Aboagye noted that the company has fully automated its back-office operations, allowing for end-to-end loan processing without human intervention. “By digitizing our processes, we’ve not only improved customer experience but also managed to keep our operational costs stable, despite inflationary pressures,” he remarked.
Bayport’s commitment to sustainability and risk management has also been a cornerstone of its success. In response to Ghana’s challenging macroeconomic environment, the company has continuously strengthened its risk management framework. Mr. Aboagye highlighted that in 2023, Bayport achieved ISO certification in cybersecurity and customer protection, demonstrating its commitment to safeguarding the interests of its clients and maintaining high
compliance standards.
Liquidity management has been another area of focus for Bayport. Mr. Aboagye acknowledged some challenges related to government delays on payment of deductions from payroll, which impacted cash flow in 2023. However, he emphasized that these issues have been largely resolved through regular engagement with the Controller and Accountant-General’s
Department. “We’ve worked closely with the Controller to address payment delays, and we’re pleased to report that the situation has been stabilized,” he assured.
Looking ahead, Bayport remains focused on driving sustainable growth through a combination of deposit mobilization and cost-effective digital solutions. The company plans to deepen its relationships with corporate investors while continuing to serve its core market of government employees, particularly in underserved regions. “Our strategy remains focused on financial inclusion and sustainability. We are committed to growing our deposit base at a lower cost and enhancing our digital capabilities to keep delivering value to our customers,” Mr. Aboagye said.
The leadership team at Bayport is optimistic about the company’s future, emphasizing that the business is well-positioned to navigate economic uncertainties while delivering consistent results. “We’ve built a resilient business model, and we encourage both local and international investors to partner with us as we continue to grow,” Mr. Aboagye concluded.
About Bayport Savings and Loans Plc
Founded in 2003, Bayport Savings and Loans Plc is a leading non-bank financial institution in Ghana, providing payroll lending solutions to formal sector employees and deposit-taking services. The company is registered with the Bank of Ghana and is a subsidiary of Bayport Management Limited, which operates in multiple emerging markets across Africa and Latin America, including Zambia, Uganda, Tanzania, South Africa, Botswana, Mozambique, Colombia, and Mexico. Bayport Ghana remains a market leader in providing financial services to individuals who may not have access to traditional banking solutions.