Akwasi Aboagye
Bayport Savings and Loans Ghana PLC, has initiated a collateral free model to aid the average Ghanaian to access credit from banks.
Chief Executive Officer of Bayport Savings and Loans, Akwasi Aboagye speaking on the initiative said most employees find it difficult to access loans from financial institutions they save with, on account of the collaterals required of them.
Due to this, “Bayport saw the opportunity and one thing Bayport did was to engage with teacher unions and Ghana Miners Workers Union with one vision to be able to allow workers take loans,” he said.
He added that the credit model initiated by the financial institution has made it possible for people to access loans from banks.
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 their 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 these years, the Controller and Accountant General’s Department, who is the pay master of government. We are the biggest lender controlling over 60 percent in the market share. SSNIT also worked with us, they invested in the company” he stated.
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.
A Business Desk Report