US asset manager WaterEquity has approved a USD 12mn loan to Bayport Management Limited for the investment firm’s subsidiaries in Botswana, Zambia, Mozambique, Ghana, Uganda and Tanzania.
The investment provides access to financial services for underbanked, low-income public sector employees, enabling them to secure loans for housing or home improvement. This includes ensuring they benefit from basic and improved access to safe water and sanitation (wells, water connections, septic tanks)—BML plans to reach more than 200,000 people over five years.
Founded in 2001, BML is headquartered in Mauritius and has a network of subsidiaries across Latin America and Africa. It offers savings, insurance and credit solutions primarily to civil servants in emerging and frontier markets.