Bayport to increase its Note Programme to GHC500 million

The Management of Bayport Savings and Loans PLC seeks to increase the size of its existing Note Programme, a debt instrument, to GH¢500 million.

The company is thus raising the Note Programme by an additional GH¢300 million from the current GH¢200 million.

Nii Amankra Tetteh, the Managing Director of Bayport Savings and Loans PLC, said currently the company was going through some approval process from the Bank of Ghana.

Nii Tetteh was speaking during the company’s turn of the facts behind the figures programme of the Ghana Stock Exchange in Accra on Wednesday.

He said the Bond would be listed privately on the Ghana Fixed Market and it would have a tenor of seven years at a fixed or floating rate to qualified institutional investors in accordance with stipulated Ghanaian law.

Nii Tetteh said as a strategic focus, Bayport intended to become Ghana’s leading financial solution provider in the mass market space and looking to be one of the top three savings and loans company by 2020.

He said currently they were in all the regions providing significant services to their customers and they sought to explore relationships within the non-payroll space.

He said the company was looking to create a business that was customer centric, leverage digital resources to serve their customers better and build a culture of execution for their operations.

He said the company would also deploy technology and other resources to better serve their customers effectively and better.

The company was well-positioned and committed to the establishment of an ecosystem of complementary customer service outlets and touchpoints, deploying digital and physical assets for the express objective of enhancing the customer experience, Nii Tetteh said.

He said Bayport intended to consolidate their dominance in government payroll lending, by enriching the proposition and experience of their customers.

“We are also leading new opportunities in the private sector payroll space and are poised to pilot new offerings in this space as well,” he added.

Mr Gabriel Quartey, the Chief Finance Officer, Bayport Savings and Loans PLC, said Bayport closed the year, 2017 with a net interest income of GH¢100.3 million compared to 2016 value of GH¢81.9 million.

He said the total asset strength of the business increased from GH¢365.83 million in 2016 to GH¢538.83 million in 2017.

“The company’s shareholder is at a margin of 32 per cent,” he added.