OPIC enters into $250 million partnership with Bayport
February 2, 2016
(OPIC)
Bayport Management Ltd (BML), a leading emerging market financial services
group, today announced the closing of a $250 million senior debt facility with
the Overseas Private Investment Corporation (OPIC), the U.S. government’s
development finance institution. The long-term loan will support the group’s
financial inclusion and growth agenda across its operations.
Under the terms of the agreement, OPIC will provide financing in the form of
long term debt that will enable BML to fund its strategic growth aspirations in
Africa and Latin America, which includes organic expansion in existing countries
and the development of a broader range of financial solutions in those markets.
All of this activity will be underpinned by a custom-built new technology
platform that is being developed in-house.
Bayport delivers on its developmental objectives by making a broad spectrum of
financial services accessible to people generally excluded from traditional
banking and other life enhancing financial products. Its Ghanaian operation, for
example, is innovating through product development initiatives in the deposit
taking, investment and mobile banking arenas. Bayport’s “My Money” product
offering in Ghana is a low-cost bank account that enables customers to save,
transact, obtain insurance and gain access to credit. Bayport Micro provides
self-employed traders in Ghana access to savings and long-term investment
accounts, as well as access to credit in the form of individual or group loans.
Elizabeth Littlefield, president and CEO of OPIC, says that both Africa and
Latin America are key regions for global economic growth.
“Bayport has demonstrated results across the developing world and earned the
first Smart Campaign accreditation in Africa, making it an ideal partner for
OPIC,” said Littlefield. “By bringing inclusive finance to wage-earners who
would otherwise lack access to reliable credit, the Bayport model propels
emerging economies forward. With typical loan sizes in Bayport’s portfolio
averaging less than $5,000, OPIC’s $250 million of support will have an outsized
development impact, reaching tens of thousands of borrowers across Africa and
Latin America.”
“We regard the OPIC funding as a way to help more people start businesses,
educate themselves and their children, and invest in their futures,” says Stuart
Stone BML co-founder and joint CEO. “To us, the funding signifies an endorsement
of both Bayport’s strategy and the U.S.’s commitment to empowering developing
countries to design their own solutions and growth trajectories.”
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