Bayport Savings and Loans and CFC Savings and Loans have merged after receiving approval from the Bank of Ghana.
The new entity, according to the management of the company is known as Bayport Savings and Loan PLC and will offer the full spectrum of products and services previously available from Bayport and CFC.
Speaking to journalists after a short ceremony in Accra, the Managing Director of Bayport Savings and Loan PLC, Kofi Adu-Mensah explained that the consolidation was a right move since both companies belonged to one parent company outside the country.
“One may ask, why combine two well-known brands in the financial services sector of Ghana? The reason is very simple. The two merged companies have the same majority shareholder. Bayport Management Limited based in Mauritius and both have been competing against each other by offering largely similar products to the same target market”
He added that the approval from the central bank followed a final license authorizing us to the entity to operate as a Savings and Loans company.
“We shall continue to provide the Ghanaian worker with our ever improved payroll loan products. We now offer payroll loans. With our improved payment terms, you can now repay your loan over a period of up to 72 months”
Mr Adu-Mensah stated that the company will go into the informal sector to lend to private business owners.
He observed that Ghana’s informal sector holds the potential of job creation and wealth expansion, for economic growth.
On his part, the Chairman of the board of directors, Kwame Pianim stated that the merger will provide the company with an opportunity to harmonize its operations through technology.