Chief Executive Officer of Bayport Savings and Loans, Mr. Akwasi Aboagye has revealed that the credit model initiated by the financial institution has made it possible for people to access loans from banks.
He indicated that most employees in the country find it difficult to receive loans from financial institutions they save with, on account of the collaterals required of them.
“People were not able to access loans because of the collaterals they had to provide, but in the measure we put in place to see to it that, the average Ghanaian who has saved with a bank for two months should be able to access credit without any collateral. Bayport saw the opportunity and one thing we did was to engage with teacher unions and Ghana Miners Workers Union with one vision to be able to allow workers take loans.”
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.
In an exclusive interview with Rev. Erskine on Y107.9FM Mydmorning show, Mr. Aboagye commended partners and sponsors of Bayport for the 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 this 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 shed.SSNIT also worked with us, they invested in the company” he added.
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.
