Blue cashXpress, yet another innovative business arm of Blue Financial Services (BFS), was recently launched in Rwanda. The pioneering product that offers cash on the spot was developed to meet the changing needs of clients.

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 R100 and a maximum of R5 000.

“Blue financial services aims to be the industry standard. Current and future clients can look forward to a more professional service and cash in twenty minutes. We plan to expand this business to more areas outside Kigali to ensure that clients countrywide can access this service,” said Gert Venter, country manager of Blue Rwanda.

Launching the cashXpress product in Rwanda involved extensive product training for Blue employees so that they are well-equipped to understand clients’ individual needs.

According to Paulo Andrade, general manager of cashXpress, customers generally use this product for short-term emergencies such as untimely illnesses and deaths.

“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. The product is flexible enough for us to be able to negotiate repayment options tailor made to suit individual needs. Through cashXpress, we also build stronger relationships with our customers. It is a product that puts ethical lending into practice,” said Andrade.

Andrade said 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.

Another advantage with cashXpress is that customers are not charged extra for defaulting on installments as long as they communicate with Blue to inform them of their financial constraints. In the event that a cashXpress customer loses their job or dies, their outstanding loan repayment is not passed onto relatives, nor does Blue repossess the customer’s belongings to cover the outstanding amount.

CashXpress is currently operational in Zambia, Namibia, Swaziland, Kenya & Malawi. The product is set to extend to the rest of the countries that Blue operates by the end of 2010.

“This product illustrates how serious Blue is about ensuring that the under-banked in Africa have access to finance. The product does not require payroll deductions and clients are not required to leave their valuables as collateral,” said Andrade

For more information about how Blue Financial Services can assist you, please contact:

Name: Morné Reinders
Email: morner@blue.co.za
Tel: +27 12 990 8400