Bayport Financial Services Ghana and CFC Savings & Loans have completed a merger that is to aid the new entity, Bayport Savings and Loans Limited satisfy the financial needs of its customers and improve their services.
The two known financial institutions, owned by a common majority shareholder, Bayport Management Limited based in Mauritius were both offering fairly similar products to the same target market hence the decision to join forces.
After 18 months of going through steps and processes to warrant an approval from the Bank of Ghana (BoG) to operate as a saving and loans company, Bayport Savings and Loans Limited is now ready to offer its customers with a wider range of products and services.
Officials of Bayport said the merger made “good business sense” and was great initiative to invest in the improvement of technology.
Speaking at press conference in Accra, to confirm the completion of the merger, Managing Director of Bayport Savings and Loans Limited, Kofi Adu-Mensah said the merger which has yielded the company over 800 permanent employees and about 2000 sales agents nationwide is in a healthier place to offer more products and services beyond their traditional payroll loan products for workers in the public sector.
“Your new Bayport Savings & Loans Limited is in a better position to offer you more products and services beyond our traditional payroll loan products which the Ghanaian public sector worker has become so familiar with. Bayport Savings & Loans Limited now employs more than 800 people on a permanent basis and offers over two thousand sales agents across Ghana,” he said.
He added that the union would facilitate economic growth, contribute to job creation and improve financial empowerment amongst individuals.
The merger comes with an improved version of the company’s Payroll Loan products which encompasses payroll loans of up to GHC80,000 and an upgraded payment plan of repaying payroll loans over a period of 72 months.
Mr. Adu-Mensah also said the merger process is driven by the vision to build a bigger, better Bayport that empowers customers and contributes to the Ghanaian economy and the provision of a broad spectrum of financial solutions.
Chairman, Board of Directors of Bayport Financial Services, Andrews Kwame Pianim, during the press conference said this objective was achievable so long as major challenges likely to face the company were addressed.
He mentioned the need to; streamline operations, deploy operational software to improve productivity and minimize risk, absorb the cost of scaling up branches to savings and loans standards and train staff and improve skills to required standards, as ways to attain the building a ‘Bigger and Better Bayport’ dream.
Mr. Pianim urged the new management team to develop their ICT skills and deliver products that will facilitate customer satisfaction.
CFC begun as a consumer finance company that provided household electronic equipment and furniture to workers and then changed to become a payroll lending business. The two companies therefore were rendering similar services.
Bayport Management Ltd is the holding company of subsidiaries operating in 9 countries including, Botswana, Colombia, Ghana, Mozambique, Mexico, South Africa, Tanzania, Uganda and Zambia.
