Bayport Savings and Loans remained resilient through the COVID-19 pandemic and continued to make significant gains during the first half of 2021.

With a focus on cost containment and the elimination of foreign exchange risks, the operation recorded a strong financial performance with profit after tax increasing by 13.4%, from Ghs 8.4 million in 2020 to Ghs 9.5 million in the first six months of this year.

This significant growth in profit was driven by a 4% year-on-year increase in net interest income, which was the result of specific initiatives implemented to reduce the cost of borrowing. With the elimination of foreign-denominated liabilities, gains were recorded from assets held in foreign currencies.

Bayport also maintained its number one position in the Government payroll-lending space with 17.3% market share (total CAGD deductions).

The Bayport digital strategy contributed significantly to cost containment, and will continue to do so in the future. During the first half of the year, more than 1 000 field agents were migrated onto the MyBayport app and issued with tablets to enable digital loan origination.

Currently, more than 700 agents are using the digital onboarding process that was launched in 2019. The focus for the second half of the year is to complete the digitisation of back-office processes, which will ultimately empower customers to engage directly with the company through self-service channels.

Since Bayport’s 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.

In addition, an 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.

“With digitisation, we are transforming our business to grow rapidly and sustainably, while providing first-class financial solutions for our customers,” says Akwasi Aboagye, CEO of Bayport Savings and Loans. “Through these and other initiatives, Bayport continues to take the lead in the savings and loans sector.”

In May of this year, Nii Amankra Tetteh who has been the chief executive officer of Bayport since December 2017, exited the business to pursue other interests.

During his tenure, the business recorded the highest growth in assets and profitability of its sixteen years of existence. Akwasi Aboagye succeeded Nii Amankra and will continue to drive the strategic objectives that were introduced three years ago to ensure the operation’s profitability.  

On the corporate social investment front, more than 80 Bayport scholarship students have graduated from several tertiary institutions across the country in the past year. To date, more than 100 primary, secondary and tertiary students from across the country have received Bayport scholarships.