Bayport Money Solutions
Bayport South Africa first launched Money Solutions in 2017 to help its own employees manage their debt. In 2019, the programme was introduced to employers. By mid-2022, more than [number] private and public sector employers have partnered with Bayport to offer the Bayport Money Solutions programme to their workforce.
The success of the programme rests on the partnership between Bayport and employers, which allows us to pass on the benefit of payroll lending to over-indebted employees. As a result, people who would not generally qualify for credit in the open market, can now get consolidation loans that immediately increase their monthly take-home pay, reduce their overall debt burden and, over time, improve their credit profile.
Once-off assistance is not always enough to break bad money habits. Therefore, Bayport Money Solutions also has a financial literacy element. This includes regular free credit health reports, wellness days, financial literacy training, digital access to financial literacy information and, if required, on-site or online access to financial coaches.
The social impact promise Bayport makes to employers and employees:
- We help everyone, including those employees who cannot get credit in the open market because their credit records are too bad.
- We reduce employees’ overall credit burden through settlement discounts.
- We reduce employees’ monthly debt instalments so that their cashflow improves.
- Over time, employees’ credit scores will improve enough that they can get secured credit, such as a home loan, to accumulate assets.
Household debt = ~75% of employees’ monthly income debt.
~49% of consumers with accounts are more than one month in arrears.
Less than 14% of employees have the ability to retire.
Source: PwC Employee Financial Wellness Survey 2019 | Trans Union SA Consumer Credit Index, Q2 2019 | World Bank South Africa Economic update April 2018.
Financial wellness days
Our financial wellness days give employees the opportunity to assess and understand their current financial situation without having to leave the office.
Debt consolidation
We refinance employees’ debt at a lower interest rate and/or better repayment terms through our debt consolidation offering.
Financial health assessment and reports
Our wellness coaches help employees gain insight into their financial status using their credit health report. They draw up a financial roadmap that addresses the employee’s situation and needs, and help them to monitor their progress with monthly credit health reports.
Legal judgement rescindments
Our debt solutions include negotiating discounts and refinancing agreements with creditors that successfully rescind legal judgements such as garnishee orders, administration orders and debt counseling processes.
Bayport is an organisation with strong values of responsibility and integrity, committed to conducting business with the highest standards of ethics.
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