Uganda’s leading credit institution BayPort Financial Services has registered impressive success posting shs 86billion portfolio in 20 years period, Chief Executive Officer Maureen Kayitesi has revealed.
Todate BayPort provides salary loans to civil servants with client base of 20,000 clients in 38 branches across the country.
Established in 2004 as one of Uganda’s pioneering non deposit taking financial institutions in the pay roll lending sector. BayPort has been at the forefront of financial inclusion offering loans tailored to meet the diverse needs of our customers in areas of education, agriculture, and small business loans.
BayPort Uganda is part of BayPort Management Limited a holding company with operations in Tanzania, Botswana, Zambia, Ghana, South Africa,Mozambique, Mexico and Colombia.
Speaking at the 20th anniversary celebrations in Kampala, Kayitesi pledged to rely on technology in advancing financial services to ever growing clients in the coming years.
“At the forefront of innovation, BayPort rolled out Digipay adigital loan origination platform aimed at improving turn around times and cut down on paper use. Currently BayPort loan is processed and disbursed within 2 hours of appication but plans are under way for additional digital innovations that will further improve access of our services and convenience to clients,”she said.
This year BayPort achieved Silver accolades in client protection certification. The certification was awarded by MFR the leading certifier in the smart campaign client protection certification which currently certifies about 70% of corporation globally.
Two decades ago, BayPort Financial Services embarked on a journey with avision to empower civil servants across Uganda through accessible and affordable financial solutions without any security or collateral to salaried government workers.
Board Chairman Charles Mbiire urged Uganda Microfinance Regulatory Authority(UMRA) to invest in financial literacy programmes to ensure that Ugandans learn ethical business values of borrowing money and paying back.
“Our biggest challenge facing this financial lending business is defaulters. Vast majority of borrowers do not want to pay back hence affecting our credit operations.
To change this mind set government needs to invest into literacy awareness to grow the economy, “Mbiire said.
Uganda Microfinance Regulatory Authority Executive Director EdithTusuubira commended BayPort for transforming the credit sector.
She advised BayPort to remain steadfast in improving transparency in their business dealings to attract more clients.
Currently the Microfinance sector serves 2000 customer base and contributes 80% to financial growth.
Tusubira said, “We are coming up with Online lending guidelines in place and enforcing Credit Reference Bureau to regulate the industry so that all tier 4 work transparently,”
State Minister for Public Service Mary Akiiki Mugasa asked UMRA to close all unregistered and unscrupulous money lenders ripping off clients by confiscating their properties.
