Board
Chairman, Kwame Pianim, says the institution needs to aggressively implement
its new micro-finance product to provide relevant and customer-friendly credit
to the increasingly transforming informal sector.
This
is part of the company’s three main success pillars going into the next decade –
which include shifting from its core business of pay-roll deduction-based loans
and value addition to shareholder interest and strengthening of the Bayport
brand as a socially responsible service provider.
According
to Mr. Pianim him, the development of the informal sector remains critical to
grow Ghana’s middle income class.
He
was speaking at the 10th anniversary awards nights in Kumasi. Bayport
started as Ghana Financial Services in Obuasi as a largely African-owned entity,
but now operated 28 branches as part of the globally-owned Bayport Financial
Services Group with headquarters in London.
The
company introduced the micro-finance product in May this year.
“We
realized that after ten years, we should branch into the informal sector for
those who don’t have any kind of security at all but they have some viable
business that we can support, that is why we have set up Bayport micro. We want
our impact on Bayport micro to be better than the pay-roll back lending
business that we are doing,” stated Kofi Adu-Mensah, Managing Director of
Bayport Ghana.
The
services are In Accra, Kumasi, Sunyani and Techiman with an additional ten more
branches planned for 2014.
“We
expect to be the company of choice, a financial services company of choice in Ghana
in ten years time,” stated Mr. Adu-Mensah.
Story
by Kofi Adu Domfeh
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