Business News of Mon, 6 Nov 20170
BoG approves Bayport, CFC merger
The Bank of Ghana (BoG) has given approval for the merger of Bayport Financial Services and its sister company, CFC Savings and Loans Company Limited.
This was after the two companies fulfilled all the necessary requirements and processes laid down by the central bank.
With this, the entity will operate as a savings and loans company but under the brand name Bayport.
The Managing Director of Bayport Savings and Loans, Mr Kofi Adu Mensah, announced this at a press conference in Accra yesterday.
Mr Mensah indicated that the two companies began talks on the process of merger 18 months ago when shareholders of both businesses decided that combining the resources of Bayport and CFC would serve the interests of customers.
“With our combined forces, Bayport Savings and Loans Limited now employs more than 800 people on a permanent basis and offers over 2,000 sales agents across Ghana the opportunity to earn a living,” he stated.
Speaking to the Daily Graphic, Mr Mensah said the new company was better placed to offer more products and services beyond its traditional payroll loan products for public sector workers.
He said as a company with more than 15years of experience in the money market, it would continue to provide quality services to its numerous customers.
Mr Mensah thanked all the shareholders of the company for the tremendous roles they played in making the merger a reality.
The Board Chairman of the company, Mr Kwame Pianim, urged management to put the necessary measures in place for the company to remain competitive.
“Some of the challenges the company is currently battling with include the need to streamline to become lean and smart before the company becomes bigger and better, the cost of training staff and upscaling skills to required higher standards and the need to deploy operational software to improve productivity and minimise risk,” he said.
He also urged the company to scale up its Information and Communications Technology (ICT) skills and adapt to the changing trends in the system to serve its customers better.