Multinational payroll lender (“libranza”) Bayport closed a $12.5 million USD agreement with Incofin Investment Management to fund its operations in Colombia, where the company is a lender to pensioners and public sector employees.
“Incofin is a company focused on investing in countries with emerging economies, driven by the desire to promote inclusive growth. This is why we closed this agreement as an alliance to promote that objective, now that our operation is aligned with a sector of people who are typically marginalized by their risk,” said Lilian Perea, CEO of Bayport Colombia.
According to Bayport, these resources are vital at this juncture to offer credit to people involved in agriculture, entrepreneurship, the education of their children, even family emergencies, but because of low or negative credit ratings, do not have access to the banking sector.
Worldwide, Bayport serves more than half a million customers in 9 countries: Botswana, Ghana, Mozambique, South Africa, Tanzania, Uganda, Zambia, Mexico and Colombia.