Bayport Savings and Loans PLC, a new entity formed out of the merger between Bayport Financial Services and CFC Savings and Loans, has been launched.
The Bank of Ghana (BoG) gave approval for the merger between the two companies, and Bayport Savings and Loans is expected to offer the full spectrum of products and services previously available at the two financial institutions.
Speaking at the launch on Tuesday in Accra, Managing Director of Bayport Savings and Loans, Kofi Adu-Mensah, indicated that the merger was driven by the vision to build a bigger and better Bayport that will empower customers and contribute to the Ghanaian economy through employment and provision of a broad spectrum of financial solutions.
“Bayport Savings and Loans benefits from the combined track-record, product suite and spirit of innovation of both CFC and Bayport,” Mr Adu-Mensah said.
According to him, “We will build on this strong foundation as we continue to find new ways to empower Ghanaians to take charge of their financial wellbeing.”
He indicated that Bayport Savings and Loans has a total of 52 branches nationwide, adding that “with our combined forces, Bayport Savings & 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 decent living.”
Financial Standing
Commenting on the financial strength of Bayport Savings and Loans, he said, “Bayport is a reputable company in good financial standing.”
According to him, in January 2016, “Bayport's strong reputation enabled it to list a medium term note of GH¢78.5 million on the Alternative Market of the Ghana Stock Exchange as part of a GH¢200 million programme.
Bayport Management Limited is the holding company of subsidiaries operating in nine countries namely, Botswana, Colombia, Ghana, Mozambique, Mexico, South Africa, Tanzania, Uganda and Zambia.
CFC started as a consumer finance company that sold and financed household goods.
It later ventured into a payroll lending business.
By Melvin Tarlue
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