You have to be a very crazy guy to think that lending people money will earn you more. Okay, there is a spiritual principle pastors always preach that “givers get more…” but honestly [I’m not saying Don’t Give!], that is a foolish risk unless you are guaranteed interest in the payback, however un-Islamic that is. However, there are people who make money-lending their career. These are professional loan sharks, sharp and loaded to the teeth. Bayport Financial Services is registered in Mauritius but has roots in South Africa which also has the largest operation followed by Ghana [Coincidentally, its Ugandan branch is near the South African High Commission]. Other countries where Bayport’s financial consultants can be found include Tanzania and Zambia.
Moody Johnson (Country Operations Executive – COE Uganda) while speaking at Grand Imperial Hotel Kampala said, “Bayport’s 2010 vision is to operate in all countries in Sub-Saharan Africa…” Bayport is a credit finance (cash) and loans provider (Biggest clients are Government and Government employees). You need to have a steady monthly income to get a loan which is not collateral based. “Bayport is not a charity but a capitalist profit-oriented company.” I guess now you can see how some folks give to get much more. Charles Mbire of MTN is the Board Chairman and all the other directors are whites (Boers).
A Bayport agent’s “vision should be how to make money”. The only way you can do it is to become an investor; deliver a certain amount of output before you are paid. The minimum requirement, ie the least to achieve in delivering is 12 Million from which you get a commission of only 2 % which is 240,000 UgX. Loans are usually 500,000 UgX, so you are required to write one deal per day and write out loans. The Minimum Revenue of service is 600,000 UgX (30 % average tax, NSSF 10 %). Agents pay withholding tax to government (Used to be 4 %, then 6 % but is now 10 %. You don’t have to pay NSSF). Unfortunately, agents are not employees. “You give 100 % and your employer doesn’t pay you above 5 % in the capitalist world.” To strike a balance, they say that there is “no exploitation”, I hear. As a Bayport agent, you pay your employer to give you a life, afterall he is “giving an opportunity to make money from which you can be paid. Knowing people is a liability on you. You have to be an intelligent thief! If you don’t give out money, it doesn’t come back to you.”
There are three important things to consider in this business: First, a client who needs money; Secondly, Affordability Calculations: The client must be employed; and finally the Transactor. Minimum requirements for a transactor include a month’s training by the COE or any other official twice a week for 4 weeks. On-job training takes place 3 days a week. You get tools and skills to make money. Skills impartation is mandatory training unlike field training where you can do your own things. There are five deals for disbursed money and you can do one deal per week, for instance a teacher can take a loan of 900,000 UgX. You become an agent in the second month with an advance of 60,000. You can write eight deals worth 400,000 UgX for a month (Two deals per week) with a 60,000 advance and 5 % of 4 Million. You put in four hours per week and earn 460,000 UgX net. In the third month, the requirement goes up to 8 Million with a 100,000 investment, Can you meet the challenge?
