Chief Executive Officer of Bayport Savings and Loans, Akwasi Aboagye, has revealed that the credit model initiated by the financial institution has made it possible for people to access loans from banks.
He indicated that most employees in the country find it difficult to receive loans from the financial institutions they save with – on account of the collaterals required of them. “Bayport saw the opportunity, and one thing it did was to engage with teacher unions and the Ghana Mine Workers Union with one vision of being able to help workers take loans.”
Bayport is a market leader in payroll lending, also known as at-source lending, and works with employers to issue low-risk loans to formally employed Ghanaians.
He commended the partners and sponsors of Bayport for the significant role they continue to play in driving financial inclusion in the country, especially in the provision of loans to public sector workers.
“It’s important that we mention some of our partners who have worked with us through the years; like the Controller and Accountant-General’s Department, which is the paymaster of government. We are the biggest lender, controlling over 60 percent of the market share. SSNIT also worked with us, they invested in the company,” he added.
Bayport S&L is a subsidiary of Bayport Management Ltd., a multinational financial services company operating in seven African countries including South Africa, Botswana, Uganda, Mozambique, Tanzania, Zambia and Ghana.
