About Blue
Blue Leadership 2010
Blue was governed by a unitary board of directors. This board was in turn assisted by several committees. Directors had direct and unfettered access to external auditors, any professional advisor, and the advice of the Group’s secretary.
The board consisted of ten directors, comprising four executive directors, three non-executive directors, and three independent non-executive directors. The chairman and chief executive officer was Dave Van Niekerk. The board was already in discussions with shortlisted candidates for the position of independent non-executive chairman.
Owing to Blue’s overall exposure to local and international markets, and because of its long-term strategies, Blue’s board of directors and management understood the importance and responsibility of conducting Blue’s business with integrity and in accordance with recognised corporate practices and codes.
The Group, therefore, was committed to responsible, transparent, and sustainable management and supervision to fulfil the legal and social demands of its stakeholders.
Dave Van Niekerk
Chief Executive Officer
Christo Klopper
Executive Director
Wessel Smit
Group Legal Director
Shaun Strydom
Chief Financial Officer
Alex-Handrah Aime
Non-executive Director
Antonios Couloubis
Non-executive Director
Andre Steyn
Non-executive Director
Mike Meehan
Non-executive Director
Mpumela J Sondiyazi
Non-executive Director
James French
Non-executive Director
Corporate Social Investment
- Mawila Blue Roof undertook upgrades and renovations of school buildings.
- They donated food during the festive season to impoverished communities.
- They supported the United Nations 16 Days of No Violence against Women and Children and other campaigns that highlighted women’s issues, such as breast cancer, abuse, and financial freedom.
- They supported and donated to the Happy Nairobi Kids Orphanage in Kenya.
- They assisted the Tanzanian cricket fraternity by sponsoring the Blue Financial Services Advanced Players League.
- They provided computers for the Nigerian Police Force.
- They helped the City Council of Mbabane, Swaziland, to keep rivers clean.
- They collected food and money to cook wholesome meals for orphans in Lesotho.
- They sustained the Rietfontein San Community by providing basic, non-perishable food sources and clothing on a quarterly basis.
- They supported the Action for Rights of Children, as well as an organisation in Uganda that fought against the heartbreaking act of child sacrifice in the country.
- Transport, technology, basic school needs, furniture, clothing, and more were donated to the Seshemo Foundation in Zambia, which educated orphans and other vulnerable members of the community.
- In addition, Blue actively took part in commemorative days and traditional ceremonies in all countries of operation.
Blue Financial Services Ltd
Product Range
In terms of Blue’s product offering, the Group’s products were categorised into the following time frames:
• Short-term products
• Medium-term products
• Long-term products
Each time frame played a critical role in shaping the overall design of the debt book. In an environment like Blue’s, all strategic valuations indicated that a blend of the three product time frames was imperative to engender a self-sustaining business model.
The basic concept behind the product design was to launch short-term products that could generate quick capital returns. This was the function of the cashXpress product, which allowed for the matching of the short-term liquidity needs of operations with the repayment profile of the product. High-volume, low-principal loans generated strong positive net cash flow on a monthly basis.
The medium-term products were designed to complement and build upon the short-term product range. The business model was not sustainable on low-principal loans only, regardless of the loan term. For this reason, medium-term loans with medium-sized principal values were required in the product mix. This was where Blue principally focused its term loan offering, which was believed to achieve a better risk-reward.
The long-term products within Blue were designed to ensure high-loan principal values over a longer term. These generally generated “annuity” income for the business, and given the large size of the principal, the balances and monthly fee income generated on such loans were a perfect complement for an all-round product mix.
In terms of Blue’s product offering, the Group’s products were categorised into the following time frames:
• Short-term products
• Medium-term products
• Long-term products
Each time frame played a critical role in shaping the overall design of the debt book. In an environment like Blue’s, all strategic valuations indicated that a blend of the three product time frames was imperative to engender a self-sustaining business model.
The basic concept behind the product design was to launch short-term products that could generate quick capital returns. This was the function of the cashXpress product, which allowed for the matching of the short-term liquidity needs of operations with the repayment profile of the product. High-volume, low-principal loans generated strong positive net cash flow on a monthly basis.
The medium-term products were designed to complement and build upon the short-term product range. The business model was not sustainable on low-principal loans only, regardless of the loan term. For this reason, medium-term loans with medium-sized principal values were required in the product mix. This was where Blue principally focused its term loan offering, which was believed to achieve a better risk-reward.
The long-term products within Blue were designed to ensure high-loan principal values over a longer term. These generally generated “annuity” income for the business, and given the large size of the principal, the balances and monthly fee income generated on such loans were a perfect complement for an all-round product mix.
Salary Advances
Various collection mechanisms in SA.
In Africa Payroll deductions only. Debit order & Payroll in Zambia and Botswana.
Bonded Housing Finance
NHFC funded in South Africa.
Mortgage bond registered over property.
Payroll deduction only
Incremental Housing Finance
NHFC funded in South Africa.
Payroll deduction and retail collection.
Home improvement loans.
Insurance Products
A full range of insurance products is offered,
including: Credit Life, Life, Business, Personal Line
and Commercial Line
Term Loans
R3 000 – R15 000. General purpose loan. Higher cost than housing or home improvement loan
Cellular Products
Finance on cellphone handsets
SMME Finance
Range from R15 000 to R3 million, business plan,
viability and owner contribution /collateral dependent
Educational Loans
Matched to duration of course ie. six months or one Year Carries a lower interest rate Funds paid directly to institution
Blue Branches
Blue’s branch design was central to how it operated. The Group was committed to maintaining the same high-quality and professional look and feel in all its branches. Branding was extremely important, as Blue created a banking environment that was contemporary and welcoming, and conveyed its core values: Best service, Lending responsibly, Unparalleled professionalism and Embracing teamwork
In this regard, all signage, furniture, and marketing collateral were of the same premium quality in all Blue branches and were updated as the business required. The Group also acknowledged the African context in which it operated and ensured that each branch was comfortable and inviting by fitting air conditioning and water coolers in all branches. Blue’s well-trained consultants were dressed in standard corporate clothing that underlined the trustworthy Blue brand.
Marketing collateral, friendly and efficient employees, and branch layout supported Blue’s differentiation as an aspirational brand. The Group’s comprehensive product line ensured that clients’ credit requirements were continuously addressed as their needs matured.
Blue Remains in Business Rescue
To date Blue remains in Business Rescue and no further steps have been taken by the appointed Business Rescue practitioner to place Blue into liquidation.
Dave Van Niekerk was transparent, forthcoming and duly disclosed the necessary information at all material times. The board was duly informed and made independent and informed decisions on the basis of what was furnished.
No adverse judgments or regulatory rulings have been issued against Dave Van Niekerk in relation to Blue Financial Services. Accordingly, the allegations lack merit on both factual and legal grounds.
Blue has made a significant impact across Africa, employing approximately 3,000 people throughout the continent. The company played a particularly strong role in Africa, where it was recognised as a solid corporate citizen until 2010. During this period, Blue contributed meaningfully to the local economy through sustainable job creation, ethical business practices, and active participation in community development. Across its operations, Blue has maintained a reputation for professionalism and integrity, supporting the growth of inclusive financial services and fostering long-term partnerships in the regions it served.