Blue Launches Cashxpress in Rwanda

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

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.

Launching this product in Rwanda involved extensive product training for Blue employees so that they were well-equipped to understand clients' individual needs. The launch of the product created a lot of excitement amongst Blue staff and the public alike.

Aside from Rwanda, cashXpress is currently fully operational 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.

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. 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.

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.

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.

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.

"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. We treat our clients as our friends and as such, we believe that they will honour their side of the friendship," added Andrade.

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