Bayport loan book reaches P100m

KEIKANTSE LESEMELA
Correspondent | Thursday June 6, 2013 00:00

 

Speaking at the company's re-branding launch in Gaborone this week, Bayport Holdings CEO, Grant Kurland, said that because of the growth in Botswana, the financial services company decided that the time had come to revitalise its brand. He said Bayport continues to be the promoter of financial wellness and only lends money to responsible people. 

'We continue to promote financial wellness and we do not lend money to irresponsible people because we want to see financially stable citizens. We are subjects to regulatory authorities in every country we operate. In Botswana, we are being regulated by the Non-Banking Financial Institutions Regulatory Authority (NBFIRA),' he said.He explained that while Bayport's business strategy is to drive product diversification and technological innovation, people remain at the centre of the business and that is the message its logo is sending. Kurland said the new brand was not developed in isolation but  grew out of the business philosophy. 'The Bayport Way is all about how we treat people, be they employees, customers or investors and how we add value to their lives,' he explained.

The re-branding exercise follows Bayport's 10th anniversary, celebrated in 2012. The company opened a branch in Mozambique this year, its sixth country operation in Africa. The development came just 18 months after Bayport's first foray into a non-African market in Columbia, South America. The company, which started operations in Zambia in 2002 has expanded in Botswana where it has 12 branches, employs 61 permanent staff and 150 sales agents.The company' strategic vision and on the ground implementation have also been finding favour with investors. In July 2010, Swedish investment company, AB Kinnevik put $40 million in Bayport and became the single largest institutional shareholder in the company.

Four months later, Bayport issued its maiden bond in the international debt capital markets, raising a total of $100 million. In June 2012, the company placed a second bond. The demand was overwhelming and the group raised another $100 million to fund new and existing growth opportunities. Bayport has a total customer base of approximately 260,000 people who regularly access its services.