South Africa's Blue Financial Enters Country, Eyes Eight Towns

Kigali, Sep 01, 2008 (East African Business Week/All Africa Global Media via COMTEX) -- BFNLF | Quote | Chart | News | PowerRating -- South Africa-based Blue Financial Services has opened a subsidiary in Rwanda, promising to offer competitive loan packages to the country's growing private sector.

Rwanda becomes the 12th country on the African continent to accede Blue's operations.

"We will be the first micro financier to offer a range of financial solutions in this country. Interest rates vary on the kind of product as well as the client's risk profile," Blue's chief financial officer, Mr. Grant Chittenden said.

The financier was attracted to launch operations in Rwanda by several reasons key among them being the Rwanda government's commitment to attract foreign investors.

"This means that a large section of the population can be reached through a relatively small number of branches. We are currently doing viability studies in eight towns throughout Rwanda," he said.

Initial products on offer include one to three months salary advances, three to 24 months personal loans and loans relating to home improvement, education and debt consolidation.

With headquarters in Pretoria, South Africa, Blue Financial Services (Pty) Ltd, is currently one of the biggest three listed micro-finance institutions in the country.

Of the three, Blue is the only micro-finance company operating outside South Africa with operations in 12 countries with 163 branches employing more than 1,790 employees.

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