Accra, Ghana//-Bayport Savings and Loans PLC has attributed its strong performance in the first half of 2025, surpassing the full year of 2024, to three key factors which drove the company’s growth.
The three key factors according to management of the company are- supporting the government sector worker, a very disciplined in cost and cost management; and getting a lot more funding through deposits and other funding sources.
The Managing Director of Bayport Savings and Loans PLC, Akwasi Aboagye, disclosed this when he took his turn at the Ghana Stock Exchange’s (GSE’s) Facts Behind the Figures in Accra, organised by the local bourse for listed companies.
These three factors are what have powered the company’s growth for the first half year. The company has done that using technology, which is its digital transformation that it had embarked on about four or five years ago.
He said: “In terms of our strong performance in the first half of this year, we have focused on several things. This is the business that is the biggest lender to the government’s sector worker”.
For instance, if you go through the government’s public sector payroll, if you see four customers, one of them will have a loan with Bayport”.
Mr Aboagye added that the company continues to lend to the government sector workers, including teachers, health professionals and those working in the various Ministries, Departments and Agencies (MDAs).
It is our DNA that we continue to lend and drive financial inclusion in the public sector space, he stated.
Throwing more light on the phenomenal performance of the company from 2024 to the half-year (H1) 2025, Mr Aboagye said: “We have done a considerable amount of lending from last year to this year. That is what has powered our growth”.
“The other thing we have also done is that we have been very conscious of our cost. We managed our costs very well. If you compare 2024 and now, you will see that our cost-to-income ratio is coming down because we don’t spend unless we have to spend. We are running a very efficient business”, he emphasised.
Additionally, Bayport has come to be known for the brand that raises deposits, so the company is getting a lot more deposits at cheaper rates. That is what is continuing to power its growth.
“We will continue to grow this business responsibly, which is why we are certain that 2025 will be a much stronger year. As you see from our first half year, which has already surpassed the full year 2024. We expect that trajectory to continue going until the end of the year”, Mr Aboagye confidently said.
Instructively, Bayport Ghana was established in 2003 as a non-bank financial institution and registered with the Bank of Ghana under the PNDC law 328. It is a market leader in payroll lending solutions to the formal sector and a deposit-taking institution.
Bayport Ghana is a subsidiary of Bayport Management Limited, which owns 99% of the business and is a leading provider of credit to primarily government employees in emerging markets. The remaining 1% is owned by Ghana’s Social Security and National Insurance Trust (SSNIT).
The Group’s other subsidiaries in Africa and South America are in Zambia, Uganda, Tanzania, South Africa, Botswana, Mozambique, Colombia, and Mexico.
