Bayport (IFC-37771)

Regions
  • World
Where the impacts of the investment may be experienced.
Countries
  • Colombia
  • Mexico
  • Tanzania
  • Zambia
Where the impacts of the investment may be experienced.
Specific Location
Colombia, Tanzania, Mexico and Zambia
Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Approved
Bank Risk Rating
FI
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Apr 26, 2017
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
BAYPORT MANAGEMENT LTD
The holder of the loan, grant, or other investment.
Sectors
  • Finance
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 1.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Loan Amount (USD)
$ 1.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Project Cost (USD)
$ 31.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS Jul 17, 2018

Disclosed by Bank Nov 29, 2016


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Project Description

According to IFC website, an investment package of up to $30 million, comprised of local currency direct loans or participation in bond issuances by: Bayport Tanzania (US$10 million equivalent) and Bayport Zambia (US$10 million equivalent); a potential $10 million for Bayport Colombia or Bayport Mexico in the next 6-12 months. In addition to that, IFC will provide a Risk Management Line of up to US$1 million, to allow Bayport Management Limited, Bayport Zambia, or Bayport Tanzania swap part of its US$ denominated borrowings into local currencies. The project has the following development impacts: 

i) Access to finance for education, housing, healthcare and SMEs: increasing the access to credit to low income borrowers primarily for education, housing and home improvements, small enterprise development, and healthcare expenses in Sub-Saharan Africa and Latin America;
ii) Access to finance in rural areas: project will aid access to financial services in underserved areas of African and Latin American; and
iii) Job creation: the Project will further job creation through the growth of the Companies the loans are being provided to as well as further stimulating productive spend amongst the consumer constituency.

Investment Description
  • International Finance Corporation (IFC)
Private Actors

Bayport is a provider of affordable, long-term personal unsecured credit and consumer finance solutions to the formally employed sector in emerging countries. Founded in 2001, there are currently ten subsidiaries in nine countries under the brand Bayport Financial Services. The Company services over 644,000 loans through 468 branches and employs 7,391 people, of which 4,261 are sales agents. Main shareholders are The Government Employees Pension Fund, represented by Public Investment Corporation (21%), Investment AB Kinnevik (24%), Helios Investment Partners (23%) and founders jointly (18%).

Contact Information

Project Contacts: Mr. Stuart Stone and Mr. Grant Kurland
2nd Flood, TC Watermeyer Building, Bayport House, 23A, 10th Avenue, Rivonia, 2128, South Africa
Telephone No.: +27 (0)11 236 7300
Fax No.: +27 (0)11 234 9285
Email Address: bayportmanagement@bayportfinance.com

ACCOUNTABILITY MECHANISM OF IFC

The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org. You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org/