Bayport Colombia Closes $100 Million USD Deal With Nomura For Payroll Lending
Bayport Colombia, a subsidiary of Bayport Management Ltd (BML), has announced that it has closed on a $100 million USD financing package with with Japan-based Nomura, to continue conducting Libranzas, or payroll-based lending services. Bayport says it will use the funds to grant new payroll loans to workers, pensioners, members of the country’s Armed Forces, public sector employees, as well as people reported to have a low credit score.
Bayport Colombia currently claims leadership of Colombia’s non-bank payroll lending market in Colombia with 30% market share. Called Libranzas, the loans are offered through employers and paid off through payroll deductions.
” Bayport has set high standards in terms of corporate governance, policies and procedures in the origination of payroll loans and best practices in the selection of payers and collections. With a significant growth in the recent years, our initiatives promote financial well-being, generating greater entrepreneurial opportunities in the country. We are excited that this transaction with Nomura will allow us to continue with our mission,” says Lilian Perea (above), CEO of Bayport Colombia.
“Despite the economic outlook for 2023, we will remain faithful to our higher purpose of improving the living conditions and development opportunities of Colombians through payroll loans. We have always been very optimistic, and we hope to continue opening doors to new and better possibilities.”
A subsidiary of South Africa based Bayport, the company has been operating in Colombia since 2011 and claims to have more than 68,000 payroll loan customers among its market focus of public employees and pensioners. In Colombia the company has a 1.1 trillion-peso loan portfolio and operates 17 offices across 15 cities. Globally, Bayport says it serves half a million borrowers in México, Colombia, Botswana, Ghana, Mozambique, South Africa, Tanzania, Uganda and Zambia.