Microfinance company ISP Finance Services Ltd hopes to increase market share by expanding its footprint outside of Kingston, Spanish Town and the metropolitan area.

In its 2016 annual report, ISP noted that as part of efforts to keep up with the fast-growing microfinance sector, it has been proactively assessing the impact of competition and innovative products entering the sector, and is implementing measures where necessary to ensure continued growth and profitability of the company.Company Secretary and Chief Financial Officer Diyal Fernando told the

Jamaica Observer that the company is looking at Ocho Rios, St Ann, and Montego Bay, St James, among other populated areas to offer its services.Currently, ISP Finance operates from an office space on Phoenix Avenue in Kingston.“There is opportunity throughout the island, especially the densely populated areas, but while we are looking we don’t have any firm plans as yet, but we know that there’s plenty opportunity outside of the markets that we current serve,” he told the

Business Observer.As part of its future business prospects, ISP says it will also be introducing new customised loan products tailored to client needs and take advantage of technological innovation to enhance its service delivery later this year.Over the year, ISP says it has capitalised on the strong demand for loans from employed individuals, including small and micro-businesses requiring short-term financing at competitive rates with a relatively simple qualification process and prompt service delivery.The company says it has developed the expertise in identifying and establishing criteria for lending that minimises risk, while guaranteeing an adequate return to cover that risk exposure.The financial results showed net profit of $40.24 million for 2016, reflecting an increase of 47 per cent above 2015. Operating income was 24 per cent above prior year, while earnings per share at $0.46 was 48 per cent better than in 2015.