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    Who is eligible to apply for a loan?

    As long as you are on Controller and Accountant General’s Departments or other government or private organisations that have partnered with Bayport, you are eligible to apply for a loan with us.

    What do I need to get a loan?

    It’s simple; all you need is a recent pay slip, any of your national ID’s, a bank statement that shows your income, and two (2) passport sized photographs.

    Bayport interest rates appear too high.
    • Our target to disburse within thirty (30) minutes of application entails the commitment of resources to put together the necessary infrastructure for speedy delivery.
    • As a non-deposit taking institution that borrows from the banking system and other investors to on-lend to our clientele, our charges have to reflect our cost of borrowing.
    • Delays in effecting deduction at the employer’s end tend to extend the period of borrowing by up to three (3) months, however, we do not adjust the interest rate charged to the customer to reflect the extra period. This tends to reduce the effective cost of borrowing for the customers.
    • We waive the requirement for the customer to provide collateral security in respect of loans issued, which is a precondition to borrow from our competitors, especially money lenders.
    • Our interest rates are fixed for the entire duration of the loan, whereas, banks normally operate a variable interest rate. This provides a saving for our customer during periods of increasing interest rates.
    • Customers who are unable to meet their loans payment schedule due to terminal ailment or death, do not have their families tasked to pay, compared to other money lenders.
    There is a high incidence of over deduction.
    • Over deduction is a source of worry for Bayport Financial Service because it affects our operation adversely as much as it affects our customers. However, the problem is not exclusive to Bayport Savings and Loans. It affects all our competitors.
    • Where an over deduction occurs, Bayport Savings and Loans endeavors to effect the refund as quickly as possible as long as the customer is not in arrears. However, the restatement of the outstanding loan balance to reflect the refund becomes difficult and tends to delay completion of repayment by the customer. Bayport Savings and Loans is therefore working with its various employer partners to address the problem permanently.
    • In a situation where an over deduction has occurred, we recommend that where the customer can afford to, they allow the over deduction to go to offset their loan balance. This will mean early completion of repayment, thus the customer becomes eligible for a new loan earlier than would have been the case.
    • In line with our objective of mitigating customer inconvenience where over deductions occur, Bayport Savings and Loans pays out refunds in respect of over deductions to our customers even before the amount deducted is released by the employer to us.
    • In order to further reduce the inconvenience created by over deductions,our Customer Service Department is on standby to deal with all customer complaints and queries.
    Do I need collateral to get a Bayport loan?

    You do not need any collateral for your loan. It’s unsecured.

    What can I use my loan for?

    We encourage our customers to borrow for the right reasons but you can use your loan for education fees and other income generating ventures.

    I am not a civil servant nor is the company I work for approved by Bayport, how do I get a loan?

    At the moment you would not  get a loan. However, if your organisation has more than 100 employees, Bayport can enter an agreement with your employer to enable you and your colleagues to borrow from us.

    How much of loan can I get?

    Currently, you can borrow any amount up to GHC 15,000 as long as you meet our affordability criteria.

    Is my salary enough to get a loan?

    Any salary is enough for a loan as long as you pass our affordability criteria.

    Which is your cheapest loan product?

    The 60 month product is the cheapest product as you can spread your loan payments over 5 years. However, we offer 1, 3, 6, 12, 24 and 36 month loan products as well for shorter loan payments.

    Can I pay my loan early if I want?

    It is possible to pay your loan off early. Please call our Customer Service Department on 0302-770991 or our toll free on 0800-10016 (Vodafone only) for further details.

    How long does it take for the loan to be disbursed?

    You can get your loan instantly after the loan processing procedure at the branch or larger amounts are paid into your bank account within 24 hours.

    I’ve heard there are delays in payment of loans into an account.

    Delays in loan payments are usually due to documentation issues or provision of incomplete information.

    Can my Bayport loan be used to pay off my other loans/debts?

    Yes, for loan consolidation purposes, please call our Customer Service Department on 0302-770991 or our toll free number on 0800-10016 (Vodafone only).

    Can I increase a current loan amount?

    Yes, you can replace your current loan with a higher amount or take a second loan.

    If my monthly deductions are more than what was agreed, what should I do?

    It is uncommon for this to happen, but if it does, please inform your nearest Bayport branch immediately so as to fix the error.

    How do I make a complaint?

    Naturally, we pride ourselves on the quality of our service, and the products we offer. However, should you feel you need to make a complaint, please visit your nearest Bayport branch for assistance. Alternatively, you can contact our Customer Service Department on 0302-770991 or on our toll free number on 0800-10016 (Vodafone only) 

     

     

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The Bayport Way

if_trends_1054952To view the Financial Statements for the year ended 31st December 2017, please click click here to download here.


The key to Bayport’s past success, and the foundation on which our future stands, is an instinctive, conviction-based, principled and entrepreneurial approach to everything we do. This approach is reflected in our mission, vision, values and the nine philosophies we call “The Bayport Way”.

Why we exist: Our mission

Bayport’s mission is to provide financial solutions suited to the needs of an inclusive and broad customer base; embracing technology, product leadership and innovation and so becoming the leading developing market financial solutions provider.

What we aspire to: Our vision

Our vision is to be the most valued financial solutions brand in our chosen markets by providing a broad range of unique and relevant financial solutions tailored to the needs of our customers.

To achieve this, Bayport will engineer a new reality in financial services provision; and will be recognised for consistently demonstrating the highest standard of care, responsibility and innovation.

Bayport will be the first choice for the fulfillment of the economically active population’s financial needs – bringing hope, upliftment and liberation to the communities we serve.

What we believe in: Our core values

Empowerment

We believe in the capacity and will of all people to empower themselves and shape their own destinies, given the right economic and self-empowerment opportunities and access to life-changing financial solutions.

We believe in an empowered corporate culture where the Bayport family is encouraged to be proactive, and has the right tools and approach to fulfill our brand promise.

Responsibility

We believe in our duty of care for each and every customer to provide responsible access to credit, risk products and other financial solutions.

We believe in our role as a responsible member of the societies in which we live and provide services; as well as our responsibility to each other. We uphold the highest standard of integrity, corporate citizenship and ethical behaviour.

Innovation

We believe in innovation that matters and makes things better; in technology and product innovations that enable meaningful relationships with our customers.

We believe in the spirit of creative entrepreneurship, challenging conventions and embracing the lessons we have learned.

Simplicity

We are committed to doing and creating things that are simple. Simple to understand and resonate with. Simple to promote without the cost of confusion. A brand promise expressed in the simplest, most single-minded way.

Simplicity must rule how we talk to our customers, design our solutions and innovate; how we work together, meet and make decisions.

Partnership

We believe in the power to build lasting relationships with members of the Bayport family, customers, communities and stakeholders, based on trust and a deep understanding of what matters to them.

We recognise that our local partners and local management are the true champions of our brand, and that their local wisdom is critical to success.

Relevance

We believe in continuously putting ourselves to a simple series of tests by asking “Is what I am doing consistent with The Bayport Way and…

  • Good for our customer?
  • Adding value to or assisting the Bayport family?
  • Time and cost efficient?
  • Sustainable?

By answering “Yes!” we ensure that what we are doing is relevant.

Our principles in action: The Bayport Way

The Bayport Way consists of nine philosophies that guide the way we conduct our business.
  1. An unshakeable and genuine belief in every individual customer’s ability to improve their lives through access to credit and other valuable financial solutions.
  2. Unquestioned passion and commitment to making credit, insurance, savings and transacting solutions easily and responsibly available; while leading the market with a competitive offering and transparency and disclosure of information.
  3. The strength to recognise that our local partners and local management are the true champions of our brand, and that their local wisdom is critical to success. We also recognise the value in learning from others and applying the best practices across the Group.
  4. The commitment to establish and create businesses using Bayport’s collective resources and skills; and supporting our expert local management in growing our businesses into the future.
  5. The expertise to create an unconventional, multifaceted distribution capability which embraces fixed and mobile branches, widespread teams of origination consultants, call centres and unique third party distribution relationships. This capacity ensures that Bayport can service the full potential of our markets at the least cost and inconvenience to our customers.
  6. A substantial and ongoing investment in proprietary and purpose-developed information technology systems which enable the delivery of customer-centric financial solutions. Technology will drive our innovation and cost efficiency as a key competitive advantage.
  7. The strength of financial expertise and corporate reputation to be able to continually raise competitively priced capital for the holding company and operating companies to ensure the optimum levels of leverage to drive sustainable growth.
  8. To attract and retain special people to our business who add momentum to our success through their passion and skills.
  9. The commitment to invest in and uplift the communities in which we operate and live, both in terms of people’s lives, social infrastructure and the natural environment.