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The product was conceptualised and unveiled recently to meet the ever-changing needs of clients according to statement released recently.
The product, which is based on an affordability model, makes cash available to clients in 20 minutes. Customers can request the equivalent of a minimum of Rwf 20, 000 and a maximum of Rwf100, 000.
According to Paulo Andrade, general manager of cashXpress, customers generally use this product for short-term emergencies such as untimely illnesses, deaths and cash flow problems before salaries are paid.
"cashXpress is one of the best innovations that we have ever offered our customers. It is based on principles of compassion, accessibility, relationship building and ethics.
We are empathetic towards our customers and seek to find solutions to unfortunate financial situations," he said.
"Through cashXpress, we also build stronger relationships with our customers. It is a product that puts ethical lending into practice," Andrade adds.
Andrade added that responsible lending is the key principle for all Blue products. He said that cashXpress transactions are based on unsecured financing, which is still unusual for Africa as it is considered risky, and low repayment interest rates compared to other similar products in the industry.
According to Gert Venter, Country manager of Blue Rwanda, cashXpress aims to provide reliable and efficient instant cash solutions. Coupled with Blue's proven track record, clients will no longer find themselves cash strapped without a reliable, trustworthy institution that will help them.
"We aim to stand apart from the rest and become the industry standard. Current and future clients can look forward to a more professional service and cash in 20 minutes. Blue plans to expand this business to more areas ensuring that clients all over the country can access this service," said Venter.
In a press statement from BFS, launching of the product in Rwanda involved extensive product training for Blue employees so that they were well-equipped to understand clients' individual needs.
Apart from Rwanda, The micro-finance institution launched the similar product (cashXpress) in Zambia, Namibia, Swaziland, Kenya & Malawi. The product is set to extend to the rest of the countries that Blue operates within by the end of 2010.
Blue, is a South African based Micro-finance institution currently one of the big three listed micro-financiers and operating in 13 other countries and planning to open further African subsidiaries before the end of the year.
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