Bayport pleased with Tanzania operations
NAIROBI, KENYA - Prudent use of loans granted by credit providers has had positive economic impact by increasing financial inclusion, Bayport Financial Services Group Chief Executive Officer said last week.
“Our financial inclusion vision has now extended to 10 additional countries that include Zambia, Uganda, Ghana, Tanzania, Botswana, South Africa, Mozambique, Colombia and Mexico in which we have over 520,000 Bayport customers,” Grant Kurland, in charge of the group’s platforms in Africa and South America said to mark Bayport’s presence in Tanzania.
Bayport disbursed loans worth over Tsh48 billion (nearly $22 million) in 2015.
Kirkland said the group’s operations had been given a shot in the arm by major funders such as AB Kinnevik, a Swedish investment firm who injected over $40 millionand the micro-credit company’s issuance of its maiden bond in the international debt capital markets that had raised $100 million.
Recently John Mbaga, the Bayport Tanzania CEO said, “Our mission is to provide financial solutions suited to the needs of an inclusive and broad customer base; embracing technology, products leadership and innovation and so becoming the leading developing market financial solutions provider.”
Bayport Tanzania is considered one of the ‘Large Tax Payers’ in the country. In 2015, it remitted over Tsh.7 billion (nearly $500,000) to the Tanzania Revenue Authority. Bayport Financial Services Tanzania opened its doors in 2006.
Our financial inclusion vision has now extended to 10 additional countries that include Tanzania
CREDIT: Kirkland said the Group’s operations had been given a shot in the arm by Kinnevik, a Swedish investment firm.