Bayport Savings and Loans remained resilient despite current economic challenges after making significant gains during the first half of 2022.
With a focus on cost containment, the operation recorded a strong financial performance with profit after tax increasing by 65percent, from GH¢ 17 million in the first nine months of 2021 to GH¢28 million during same period this year.
This significant growth in profit was driven by an increase in net interest income, which was the result of aggressive commercial activity in the first half of 2022 together with initiatives implemented to reduce the cost of borrowing in response to challenging economic conditions.
Bayport also maintained its number one position in the government payroll-lending space with 17.1percent market share (total CAGD deductions).
The Bayport digital strategy contributed significantly to cost containment and will continue to do so in future.
During the first half of the year, more than 800 customer service trained field agents equipped with Bayport issued electronic tablets originated loans digitally, offering our customers a delightful experience.
This was complemented by our digital call centre that offers existing customers a seamless experience when applying for a loan over the telephone. Customers are also able to perform e-money transactions through a self-service e-money platform thus enabling Bayport to achieve the goal of becoming a cashless operation.
Bayport’s digital origination and front office operations journey that started in 2019 is now complete. The focus for the last quarter of the year is to complete the digitisation of credit and back-office processes to support straight processing.
This will enable customers to engage directly with Bayport through self-service channels to receive instant loan approval decisions and cash disbursements through our self-origination WhatsApp and USSD channels.
The Bayport’s digital journey commenced three years ago, during this period, all back-office operational staff and agents had been fully trained to use the new applications. This has significantly improved loan turnaround times, overall customer experience and operational risks.
“With digitization, 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.”
On the corporate social responsibility front, 20 new beneficiaries were enrolled in the Bayport scholarship scheme this year. Over 120 students in total have been offered scholarships since the scheme was launched.
The scholarship takes care of tuition, books and accommodation costs up to university level, as long as the student delivers good academic results. Bayport also purchased and donated phototherapy and incubator units to the Agogo Presbyterian Regional Hospital at a cost of GH¢100,000.00
Through an employee-led social initiative, Bayport staff raised GH¢50 000 to support the Enough Grace Foundation, an orphanage in Awoshie, to improve the living standards of about 146 underprivileged children.