MicroVest has announced a $10 million investment in the bonds of Bayport Management Ltd (BML) to expand access to financial services for underserved, formally employed workers across Africa and Latin America. The investment aims to support SME financing as well as improved access to health, education, and housing services for these segments.
Founded in 2004, BML is a public limited liability holding with nine subsidiaries that specialize in providing medium-term microcredit and financial solutions to civil servants and privately employed individuals. In addition to payroll loans, BML’s subsidiaries also offer a comprehensive services package that includes credit, savings, transactions, and insurance products. The company offers educational and practical debt programs to help its customers build strong financial literacy and equip employees with knowledge and skills that underpin long-term financial wellness.
BML is a longstanding supporter of the Smart Campaign1 and its Client Protection Principles. Bayport Botswana was the first credit provider in Africa and the first Payroll lender in the world to be officially certified by the Smart Campaign, followed by Bayport Zambia in 2016.
This is MicroVest’s fourth investment cycle with the company.
1SPTF and CERISE took over implementation of the Smart Campaign’s Client Protection Standards following the Smart Campaign’s dissolution in 2020. https://cerise-spm.org/en/blog/sptf-and-cerise-take-over-smart-campaign-implementation-resources/