BAYPORT@20…Celebrating 20 years of needs met, opportunities created, plans accomplished, hopes realized and dreams fulfilled.
Two decades ago, the founders of Bayport identified a significant challenge prevalent across African economies – the lack of unsecured credit for a significant portion of the formally employed. In those times, obtaining a loan was only possible if one possessed collateral or security, making it difficult, and sometimes impossible, for employees in Ghana to access the funds necessary for personal and economic development.
It was in response to this pressing need that the concept of “Deduction-at-source lending” was born. Bayport established key relationships with employers to facilitate loan origination and collections, giving birth to the payroll loans market we witness today, and subsequently fostering significant growth in consumer lending within Ghana.
In 2003, under the name Ghana Financial Services, our journey began in a modest office located in Obuasi situated within the premises of Anglogold Ashanti, our inaugural client. Anglogold Ashanti, set the stage for our pioneering deduction at source lending model. As we diligently honed our expertise and embraced continuous learning, our business blossomed. We forged valuable partnerships with esteemed organizations, including the Controller and Account General Department. This triumph and our unwavering commitment to perfecting the deduction-at-source model propelled us forward. Thus, we transformed into Bayport Financial Services, a renowned finance house catering to the formally employed. Through strategic growth, we acquired our sister company, Consumer Finance Company (CFC), marking a significant milestone in our evolution. This union birthed Bayport Savings and Loans PLC—an entity catering to over 100,000 esteemed customers across the nation.
Today, we take immense pride in our position as the largest lender of deduction-at-source products to government sector workers, commanding approximately 16% of the market share. Our success is a testament to our unwavering dedication to financial inclusion, which was the driving force behind our company's establishment. At a time when accessing loans posed a considerable challenge for formally employed Ghanaians, we set out to change that narrative. Over the past 20 years, our organization has evolved considerably, and in recent years, we embarked on a digital transformation journey, striving to become a fully digitized enterprise. Today, we have a business that employs over 230 members of staff, has a balance sheet of GHs900m, and achieves an annual gross income of almost GHs300m. Our vision for the company remains steadfast: to provide financial solutions that drive financial inclusion for the formally employed.
In any organization, the strength lies in its people, especially in a non-traditional banking business such as ours. We are fortunate to have assembled an exceptional team that embodies the qualities of entrepreneurship, adaptability, and intelligence required to thrive in an ever- changing landscape. Many of our team members have remained steadfast with us for over a decade, and it is their unwavering passion and dedication that set us apart in this industry. The commitment and loyalty demonstrated by our staff have been unparalleled. We extend my heartfelt gratitude to all our team members, past and present, for the positive impact they have
made. We would also like to express gratitude to our clients who have treated us as true partners, embracing the spirit of cooperation that has paved the way for our shared success. Your hard work, loyalty, and service are deeply appreciated, and we eagerly look forward to the achievements we will accomplish together in the future.
Community involvement has been an integral part of our business since its inception. We have made significant investments in the communities where we operate. For the past 20 years, our flagship corporate social responsibility program has been our scholarship scheme, through which we have sponsored over 150 deserving students from Junior High School to Tertiary Institutions. Currently, we have a total of 30 students enrolled in the program. Additionally, we
have actively participated in various initiatives, such as road safety campaigns, supporting teachers, and providing essential equipment to the healthcare sector. In 2022, we proudly purchased phototherapy machines and incubators for the Agogo Presby Hospital.
Our Role, in the Financial Markets
Bayport has played a crucial role in the growth of the capital markets for Corporate Bonds. Since establishing our first bond program in 2016, we have listed GHs474m worth of bonds on the stock market, successfully paying down GHs309m. This achievement positions us as the largest non-government participant in listed Capital Market activity. In March 2023, we raised GH¢50m on the domestic debt market, a transaction that was 1.37 times oversubscribed. This
remarkable feat renewed investor confidence in the bond market during a time when the challenges posed by Covid-19 and the Ukraine-Russia war, and the domestic debt exchange had dampened overall market activity. It serves as a testament to the strong investor confidence in our business, which has consistently demonstrated resilience within a challenging macroeconomic environment. We are committed to fostering deeper and mutually beneficial relations with the investor community and contributing to the growth of the local corporate bond
Looking towards the future, Bayport will remain more focused than ever on leading the “deduction at source” lending and savings and fixed deposit investments sectors of the financial services industry. We understand the challenges that lie ahead and have charted a course that will ensure consistent growth in the foreseeable future while continuing to provide financial inclusion to Ghanaians. We firmly believe that we can enhance our operations, leveraging advancements in technology to become a fully digitized enterprise. Throughout this evolution, we remain steadfast in upholding the highest levels of security, transparency, customer service,
risk management, and ethics.
In conclusion, while we have come a long way, our journey is far from over. There is still much to be accomplished, and we are committed to building a customer-centric, resilient, and sustainable business. Our mission remains steadfast—to empower individuals by providing them with the means to fulfill their aspirations and improve their livelihoods. By fostering financial inclusion and delivering tailored loan and investment products nationwide, we strive to
be the catalyst for positive change in the lives of our valued customers.
As we reflect on our humble beginnings and monumental growth, we express gratitude to our esteemed clients, dedicated employees, supportive stakeholders, and the communities we serve that together, we shall continue to push boundaries, innovate, and make a lasting and positive impact on the financial landscape of Ghana.
Bayport…Your Future Now