Bayport Savings and Loans remained resilient through the COVID-19 pandemic and continued to make significant gains during the first half of 2021, Akwasi Aboagye, CEO of Bayport Savings and Loans has said.
He said with a focus on cost containment and the elimination of foreign exchange risks, the operation recorded a strong financial performance with profit after tax increasing by 13.4 per cent, from GH¢ 8.4 million in 2020 to GH¢ 9.5 million in the first six months of this year.
Speaking at the company’s turn on the Ghana Stock Exchange’s programme dubbed ‘Facts behind the figures’ in Accra the CEO said the significant growth in profit was driven by a four per cent year-on-year increase in net interest income, which was the result of specific initiatives implemented to reduce the cost of borrowing.
“With the elimination of foreign-denominated liabilities, gains were recorded from assets held in foreign currencies,” he said.
The company, he said, also maintained its number one position in the government payroll-lending space with 17.3 per cent market share (total CAGD deductions).
The Bayport digital strategy, he said, contributed significantly to cost containment, and will continue to do so in future.
“During the first half of the year, more than 1 000 field agents were migrated onto the MyBayport app and issued with tablets to enable digital loan origination. Currently, more than 700 agents are using the digital onboarding process that was launched in 2019,” Mr Aboagye said.
He said “the focus for the second half of the year is to complete the digitisation of back-office processes, which will ultimately empower customers to engage directly with the company through self-service channels.
He said since Bayport’s digital journey commenced three years ago, all back office operational staff and agents had been fully trained to use the new applications that have improved loan turnaround time and customer experience.
In addition, he said an e-money platform was launched as one of the self-service customer channels to facilitate Bayport’s migration to a cashless operation.
Other initiatives on the digital journey he said, included the launch of self-origination via WhatsApp and USSD, a solution that would enable customers to apply for a loan using their phones.
“With digitisation, we are transforming our business to grow rapidly and sustainably, while providing first-class financial solutions for our customers. Through these and other initiatives, Bayport continues to take the lead in the savings and loans sector,” he said.
On the corporate social investment front, he said more than 80 Bayport scholarship students have graduated from several tertiary institutions across the country in the past year.
‘To date, more than 100 primary, secondary and tertiary students from across the country have received Bayport scholarships,” he said.
BY KINGSLEY ASARE
