“You are welcome”
Bayport Financial Services Uganda specialises in providing cash loans to salaried government employees and is a leading non-deposit credit provider in Uganda.
Bayport Uganda started operating in 2004 and has helped many customers successfully access loans for school fees, farming, small businesses and much more. The loans range from 1 to 60 months, with easy monthly loan repayment through salary deductions at source.
A Bayport medium term loan offers a larger cash loan that gives you more time to pay back the loan. A short term loan is ideal for smaller amounts, but a medium term loan allows you to repay a bigger amount over 1 to 2 years.
This type of loan can help you to:
Pay school fees
Purchase farming products
Start or grow a business
Furnish your home (computer, oven, etc)
If you need to grow your business or make investments that will benefit your family, then this is the right solution for you.
A Bayport long term loan allows you to borrow maximum cash amounts that can be repaid over a 36 to 60 month period. Repayment is more affordable to manage as you will have more time to pay back the loan.
If you are looking to make the following investments, then a long term loan is best for you:
Buying a car
Buying a house
A professional Bayport agent will be able to advise, assist and guide you through the process of making a long term loan commitment.
At Bayport we aim to facilitate economic development and social change. Long term loans offer opportunities that can enable positive development in people’s lives.
Credit Life takes care of your loan when you can’t.
When you take out aBayport loan, you take out Credit Life Cover at the same time. If you are retrenched, disabled, pass away or get a dread disease like cancer, the money you still owe on your loan will be paid back to Bayport by the insurance company.
You get this cover when you enter into a valid finance agreement with Bayport, as long as you are turning older than 19 on your next birthday and have not yet turned 60. You are covered from the moment you sign the policy — even if you have not paid a single premium yet.
Once your policy has started running, you must keep up your payments, otherwise you cannot receive your Credit Life Cover benefits.
The Education Protection Policy (EPP) was launched in Uganda recently. Judging by our customers’ response, it’s the right product at the right time.
Our aim was to write 11 policies in the first month,” says Tom Hannington Ouma, Managing Director of Bayport Uganda. “Instead, we exceeded all expectations by writing 43. That is 391% better than the product’s business case.”
The Education Protection Policy is insurance cover that helps customers protect their children’s or other dependents’ education by covering school fees for up to three years in the event of the policyholder’s death. EPP is Bayport’s first standalone insurance product and was piloted in three branches, namely Lira, Jinja and Bushenyi. It was introduced to prospective buyers on 19 August 2013. On 28 August the wait for the first sale came to an end. Since then the initial trickle of transactions has steadily grown in volume. Ongoing marketing activities, such as customer days at the three pilot branches and weekly bulk SMS blasts, are helping to spread the word.
“Considering that most of our customers spend the bulk of their income on tuition fees for family members, EPP is the right product for our market,” says Tom. “This is insurance cover that adds value to our customers by giving them peace of mind as far as their dependents’ futures are concerned.”
EPP will also be good for business, adds Tom. “A product that distinguishes Bayport from the competition is crucial in Uganda. Competition here is cutthroat. EPP is an excellent product that will bring customers to our doors.”
The numbers already support Tom’s statement. In addition to surpassing the target for number of policies, the first month also exceeded the premium income forecast by more than 240%. Ted Kristensson, the Group Executive responsible for the insurance portfolio, says that the business case contained extremely tough targets. “Everyone involved should feel proud of what they have achieved to date. What Bayport Uganda has accomplished so far has exceeded my expectations by a significant margin.”
Based on the market’s response to the Education Protection Policy, Bayport Uganda has decided to speed up the roll out to the rest of its 30 branches. After the national roll-out has been completed the next phase will be to offer the product to all civil servants. Bayport is also preparing to run a pilot project in Tanzania.
EPP fast facts
The policy covers dependents’ education fees for three years in the event of the policyholder’s death.
Depending on the cover option chosen, the monthly premium can cost the same as 1kg of sugar.
The policy covers all forms of education, from nursery school to university, including short courses.
Policyholders receive a 20% cash-back bonus at the end of every year, provided the premiums are paid in full.
The educational institution receives an upfront payment at the start of every term. There is no lump sum payment.
The St. Philomena Iganga Babies Home in the Iganga District in eastern Uganda is one of the charities that benefits from Bayport Uganda’s community spirit.
Thanks to a recent donation, the home could purchase playground equipment, classroom tables and chairs, clothing and bed linen. The orphanage cares for 38 orphaned and vulnerable children aged 0–5 years.
In March 2011, Bayport helped towards a new roof for one of the classrooms of Misanvu Demonstration Primary School, in Bukomansimbi District in Western Uganda, because of very bad storms. The aid was received by the head teacher of the school.