Bayport offers micro credit and financial services in Ghana, Uganda, Zambia and Tanzania.
Bayport was founded in 2002 and has grown profitably into a leading African micro credit company. Ghana and Zambia are the largest markets, while Tanzania is showing rapid growth.
The customer base is increasing and the product portfolio is being continually expanded, primarily with loans of a longer duration. The loans are applied mainly to finance large one-off expenditures such as school fees, investments in agriculture or to start a small company.
In the third quarter, Kinnevik acquired shares in Bayport from a former minor owner and redeemed outstanding warrants for a total amount of SEK 17 million. Following these transactions, Kinnevik owns 6% of the capital and the votes in the company and holds warrants entailing entitlement to an additional 1% of the company’s capital after full dilution, in addition to previously issued credits of USD 15.5 million.