Bayport Merges With CFC Savings & Loans
Bayport Financial Services and CFC Savings and Loans have merged into one company following Bank of Ghana’s approval.
The new entity which is now known as Bayport Savings and Loans PLC will offer the full spectrum of products and services previously available from both companies.
According to the company all current loan agreement and other contracts remain valid and exactly as they are, and customers will incur no costs during the process to migrate accounts onto a single system.
The Managing Director of Bayport Savings and Loans, Kofi Adu-Mensah who was speaking at the press launch said the merger process was driven by the vision to build a bigger, better Bayport that empowers customers and contributes to the Ghanaian economy through employment and the provision of a broad spectrum of financial solutions.
“Bayport Savings and Loans benefits from the combined track record, product suite and spirit of innovation of both CFC and Bayport. We will build on this strong foundation as we continue to find new ways to empower Ghanaians to take charge of their financial well-being”, he said.
Mr. Adu-Mensah said the company shall continue to provide the Ghanaian worker with its ever-improved Payroll loan products, stating “We now offer payroll loans of up to eighty thousand Ghana Cedis (GHS 80,000). With our improved payment terms, you can repay your payroll loan over a period of up to 72 months”.
With the new license, he said Bayport are in a position to offer more exciting products and services to a bigger target market beyond salaried workers.
“We offer free transaction bank account called “Bayport My Money Account’. With this account, you pay no commission on any of your transaction including cash withdrawals via third party ATMs.
“Our products always aim to address specific customer needs. For instance, our Car titled-backed loan allows customers to use their vehicles during the period of loan. Customers continue to enjoy the use of their vehicle during the period of loan repayment”.
To ensure customers have more money to meet their financial needs, the company has introduced a credit bundle that gives customers an extra Four hundred Ghana Cedis (GHS 400), in addition to the amount they are able to borrow under company’s traditional payroll loan, Adu-Mensah said.
“We shall continue to cater for the needs of our informal sector customers by offering our SME and Micro loan products and services throughout our Fifty-two (52) branches nationwide”, he said.