Desie Heita
4 August 2008
Windhoek — Africa's only listed cash loan company has officially opened shop after almost a year of inconspicuous trading in Namibia.
Jason Shedden, Corporate Finance Manager, said Blue Financial Services first wanted to get operations off the ground before announcing its presence.
Blue Financial Services is a micro lender offering services to individuals in need of cash to see them through the month, to those who need money for specific reasons such as paying for education, farming needs and small and medium businesses.
The company also offers bonded home and home improvement loans.
Blue Financial Services is dual-listed on the Johannesburg Security Exchange, Botswana Stock Exchange where it listed on May 15 this year, and is destined to be listed on the Namibian and Zambian bourses toward the end of the year.
In its annual report for the financial year ended February 29, 2008, Blue Financial Services reported an 88 percent increase in earnings of N$60,3 million from N$32 million in 2007, outstripping the pre-listing forecasts by N$14 million.
Chief Executive Officer of Blue Financial Services, Dave van Niekerk, attributed the growth to the establishment of operations in Namibia, Lesotho, and Malawi, as well as to new acquisitions and expansions of existing operations in Botswana and Zambia.
Read comments. Write your own.
Copyright © 2008 New Era. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.
AllAfrica aggregates and indexes content from over 125 African news organizations, plus more than 200 other sources, who are responsible for their own reporting and views. Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica.
