BOP Bayport Zam (IFC-46875)

Countries
  • Zambia
Geographic location where the impacts of the investment may be experienced.
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
Active
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
FI
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Mar 8, 2023
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
BAYPORT FINANCIAL SERVICES ZAMBIA LIMITED
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
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, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 20.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Loan Amount (USD)
$ 20.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Project Cost (USD)
$ 20.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS Jun 21, 2024

Disclosed by Bank Feb 7, 2023

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

According to bank provided information, the proposed project is a 5-year senior secured loan, with a 2-year grace period, of up to US$20 million in ZMW equivalent (approx. ZMW340 million) to Bayport Financial Services Limited (“Bayport” or “the Company”), a leading NBFI in Zambia. The Project will be processed under IFC’s Base of the Pyramid (“BOP”) Program to support the Company in increasing access to finance and scaling up lending operations to un(der)served individuals in Zambia for productive uses (the “Project”) and will be supported by the IDA-Private Sector (“PSW”) Blended Finance Facility (“BFF”) and the IDA-PSW Local Currency Facility (“LCF”).

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

The total Project cost is up to US$20 million in ZMW equivalent (approx. ZMW340 million), on IFC’s own account, in the form of a 5-year (2-year grace period) senior secured loan.

Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

According to the IFC, Bayport’s majority shareholder is Bayport Management Ltd (“BML”). BML has a controlling 98.81% stake in Bayport, the balance being held by local minority shareholders.

BML was incorporated in Mauritius in 2005 as a private company. In March 2013, BML listed its shares on the Stock Exchange of Mauritius. BML is a holding company with stakes in NBFIs in Africa, South America, and the United Kingdom. The shareholders of BML include Takwa Holdco Ltd (23.03%), an investee of the PE Fund Helios Investor II, Kinnevik New Ventures AB (23.96%), a growth investor listed on Nasdaq Stockholm’s stock exchange, Public Investment Corporation (20.57%), Elsworthy Holdings Ltd (11,85%), Grant Kurland (9.24%), and Kasumu Ltd (8.33%).

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Bayport Management Limited Client -

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

Bayport Financial Services Zambia Limited
Prisca Shimwambwa
Deputy Chief Executive Officer
+260 211 257 433
PriscaS@bayportfinance.com 
Plot 68 Independence Avenue, Lusaka, Zambia
https://www.bayportzambia.com/ 

ACCESS TO INFORMATION

You can submit a request for information disclosure at: https://disclosures.ifc.org/#/inquiries 

If you believe that your request for information from IFC has been unreasonably denied, or that this Policy has been interpreted incorrectly, you can submit a complaint at the link above to IFC's Access to Information Policy Advisor, who reports directly to IFC's Executive Vice President.

ACCOUNTABILITY MECHANISM OF IFC/MIGA

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 

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How it works