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Blue Financial Services plans deeper investment

ONE of the fast-growing micro- finance institutions, the Blue Financial Services, has announced plans to start providing banking services in the country.

Briefing reporters at the end of a three day East Africa Strategy Workshop in Dar es Salaam at the weekend, the Mayibuye and Blue Group Chief Executive Officer, Mr Johan Mering, said the company provides a wide range of services in 12 African countries. “Blue is a truly pan-African financial services group, providing retail services to customers in 12 African countries.

Our services range from banking, insurance and microfinance, though in Tanzania we only deal with microfinance,” said Mr Mering. Apart from Tanzania, Blue also operates in Botswana, Ghana, Kenya, Lesotho, Malawi, Namibia, Nigeria, South Africa, Swaziland, Uganda and Zambia.

Mr Mering who was flanked by the company’s CEO, Yahaya Mbanka and the Country Operations and Human Resources Manager, Ms Jacqueline Owino, said during the just ended workshop which brought together Blue’s East African Board of Directors and CEOs, a lot of short and long term plans were discussed and agreed.

Mr Mbanka said Blue has plan to invest a total of USD 50m (80bn/-) in East Africa. “It was a routine workshop for Tanzania, Uganda, Kenya and Malawi. And now we will also start to provide new products in these countries. These products are home loans and education loan,” he added.

The Blue CEO later told the press that since its introduction in Tanzania in 2007, the firm has succeeded to spread its services to nine regions. “In 2010, the South Africa based company Mayibuye Group became the majority shareholder in Blue and committed substantial resources to the then ailing company, and established a new management team and structure to implement a successful turnaround strategy that returned Blue to profitability,” he said.

He said the focus on refinancing and debt restructuring within the business has transformed Blue’s financial health and established a solid platform from which, based on sound principles and secure funding, the company is now well poised to grow.

over 7 years ago