Posted on January 31st, 2010 by Cobus
Based on the past, Bayport’s future looks bright indeed. Our company was only established in 2002, but success has been immediately forthcoming and Bayport Financial Services has been experiencing phenomenal growth ever since.
Bayport’s future will depend on refinement of the current recipe, which we call “The Bayport Way”, because this has proven to be a winning formula in the African financial market, which is still regarded as immature. Local stakeholders and partnerships have given us a good understanding of how local markets work and what locals’ attitudes towards credit are. This bodes very well for our future and the continued availability of accessible, hassle-free, responsible unsecured credit in Africa.
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Posted on January 31st, 2010 by Cobus
Bayport’s philosophy has always been to fully understand its target market and tailor its products to meet the needs of the people. Bayport Financial Services forges relationships with local stakeholders, trade unions and industry to achieve this and this has enabled us to understand what people’s needs are and their attitudes towards credit.
Bayport Financial Services has been doing successful business in South Africa, Ghana, Tanzania, Zambia and Uganda based on this philosophy, which we call “The Bayport Way”. Bayport’s philosophy is unique and a prerequisite for a sound business case in Africa, which is still a somewhat immature financial market.
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Posted on January 31st, 2010 by Cobus
Bayport stakeholders are the key to Bayport Financial Services’ success. Our local partners in every country where we do business give us the intimate knowledge of the local market that we need to tailor our products and services for the people.
Bayport stakeholders are usually made up of trade unions, local industry and the employers whose employees we serve. This is how we manage to design products that are right for Africa. These stakeholders also act as our collection arm, keeping bad debt levels very low and maintaining a high credit quality. Bayport Financial Services has experienced grand success with this approach.
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Posted on January 31st, 2010 by Cobus
Bayport in Africa has been providing accessible, unsecured credit to thousands of Africans since 2002. Bayport Financial Services has become a major credit provider in the African countries of Ghana, Zambia, Uganda, South Africa and Tanzania.
Success was immediately forthcoming for Bayport in Africa, because our unique business model, or “The Bayport Way”, has meant that processes, structures and products were optimised for the unique requirements of the relatively immature African financial market. Bayport Financial Services believes that individuals can empower themselves when they have access to credit and we have made every effort to make our hassle-free, responsible credit available to as many people as possible.
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Posted on January 31st, 2010 by Cobus
Bayport risk mitigation measures are far-reaching in order to function in the relatively immature financial market that is Africa. A different approach was required to make unsecured credit available to Africans, because traditional rules do not apply. This is why Bayport Financial Services is still one of the only financial services companies that has been successful in the African market.
Bayport risk mitigation measures include debt collection through employers, who subtract monies owed to Bayport from employees’ salaries. While this has kept Bayport Financial Solutions’ bad debt percentage extremely low, it has also ensured that we can maintain superb credit quality and lend money at affordable rates.
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