Johannesburg — MICROFINANCE group Blue Financial Services yesterday opened its first branch in Swaziland, where it plans to have four branches operating within three months, and 200 across Africa by year-end.

Its branch in the capital, Mbabane, was off to a busy start yesterday morning, with more than 300 people going through its doors when it opened for business.

Blue Financial Services opened in SA in 2002 and since its listing on the JSE in 2006 it has grown quickly. It now has more than 1700 staff in 12 countries in Africa, with Swaziland as the newest addition.

"A lot of Swazi people are overexposed to debt," CE Dave van Niekerk said. "There is a big opportunity to consolidate that. Hopefully we can refinance and restructure their debt."

He also wanted Blue to play a part in the financial education of people in the region. "Not all credit is bad credit. Credit to improve a house or put kids through school is good, " he said.

Abednego Dlamini, a nonexecutive director of Blue's Swazi operations, said yesterday the chances Blue would successfully break into the Swazi market were "great".

"People are looking to Blue as a problem solver," Dlamini said. "In our (Swazi) banks they use their television screens for dancing and soccer instead of educating people about the stock exchange and interest rates. Blue is here to provide people with small personal loans and to educate them - these are sectors that are lacking here."

Dlamini said a company such as Blue would be able to help "with the many problems our small entrepreneurs are facing". He said with a loan equivalent to R20000 from Blue, a person living in Swaziland could buy 200 chickens and start a small business.

Dlamini said yesterday Swazi authorities were selective about which companies they allowed into the country. They did not want fly-by-nights, nor did they want companies that would take all their profit out of Swaziland. With seven of the eight staff hired by Blue in Swaziland being locals and with a focus on financial education, Dlamini was happy with the way the company had started.

Blue listed in Botswana in May. Van Niekerk said yesterday it would consider another dual listing, in Swaziland, in two to three years.

The Botswana listing had pushed Blue's turnover up by as much as 35% according to Morné Reinders, investor relations manager at the financial services firm.