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Blue Timeline

Blue Financial Services Ltd

Mr. Dave Van Niekerk was appointed CEO of Blue Financial Services Ltd (“Blue”) on 1 October 2005, shortly before its conversion to a public company on 30 November 2005. After Blue’s listing on the Johannesburg Alternative Stock Exchange (JSE) on 12 October 2006, Mayibuye Group, controlled by Johan Meiring, acquired a controlling stake in Blue Financial Services Ltd in April 2010. This led to advanced negotiations on a subscription agreement, a Debt Rescheduling Agreement (“DRA”), and a claims acquisition by Leonox Investments, funded by Old Mutual.

On 31 July 2010, Mr. Van Niekerk resigned as CEO and from all subsidiary directorships, ending his involvement with Blue.

In October 2010, the Mayibuye Group invested R163 million, committing R500 million in loan funding, concluded the Claims Agreement, and finalised the DRA. Since then, Meiring has managed Blue and its subsidiaries.

  • 2001

    • Founded in South Africa by Dave Van Niekerk and Riaan Swart with a mission to provide inclusive financial services to underserved communities.
    • Blue Financial Services is founded with a mission to provide accessible and affordable financial services to underserved markets in Africa.
    • Blue offers lending products and insurance products in South Africa, primarily targeting low-to-middle incomeearners.

  • 2002

    • Branches open in South Africa.

  • 2003

    • Expands operations to Botswana, marking the beginning of its regional footprint across Southern Africa.

  • 2004

    • Enters Zambia, continuing its Southern African expansion.

  • 2005

    • Blue continues to expand the business into Africa.
    • Blue gets 15 million USD from a Private Equity division of AIG.
    • The company structure is formalised for investment raising and listing plans – Dave Van Niekerk was appointed the Chief Executive Officer.
    • Blue was converted into a public company.
    • Introduces additional insurance and financial wellness products, diversifying beyond loans.
    • Consolidated System Products management.

  • 2006

    • Expands into East Africa, launching operations in: Uganda and Tanzania.
    • The JSE Ltd (“JSE“) granted Blue permission to Blue lists on 12 October 2006.
    • Investment by American International group.
    • Blue lists on the JSE AltX.
    • The acquisition of RSA micro-lender significantly increases Blue’s footprint in South Africa from 12 to 80 branches.

  • 2007

    • Blue acquired Future Finance (Micro Access Finance (Pty) Ltd) on 1 March 2007, expanding its network with 66 branches.
    • Blue expands into 4 African countries.

  • 2008

    • Now Operational in 14 African countries.
    • The financial crisis hits globally and Blue’s largest shareholder and Funder AIG are front and centre in the AIG goes from being the largest company Globally, to being broken up and sold off. Lehman Brothers investment bank declared bankruptcy and financial markets were thrown into a state of turmoil.
    • AIG informs the board and shareholders that it can no longer fund the expansion plan and funding for long term loan book growth.
    • Profits speak before global financial AIG subsequently encounters financial trouble, halting expansion support.
    • 2008 ABSA gets shares in Blue through a single stock default by Riaan ABSA initially commits to funding the Blue growth. Blue had grown its loan book by 1 Billion rand in 2007.
    • ABSA management changes during this process and Maria Ramos is appointed, requesting a CFO to be appointed in the company and asks if Rothschild can be mandated to source new private equity investors.
    • Companies bidding for Blue include FNB, Bayport, and others.
    • Botswana dual-listing – Effective 15 May 2008, the current share capital of Blue, which is listed on the JSE Limited, became available for trade on the Botswana Stock Exchange (”BSE”) after the Company’s dual listing on the BSE was No additional ordinary shares were issued.
    • Acquisition of Nedfin Limited – On 8 May 2008, Blue announced that Blue Employee Benefits (Pty) Limited Botswana (”BEB” ) a wholly owned subsidiary of Blue, had entered into a sale agreement in terms of which BEB predeceased the entire share capital in and claims against Nedfin Limited (”Nedfin”) with effect from 1 April 2008, for a cash consideration of USD 9 million.
    • Blue purchased JSE listed Credit U Holdings Ltd.

  • 2010

    • On 31 July 2010, Van Niekerk resigned as CEO and from all subsidiary directorships, ending his involvement with Blue.
    • The board chooses the Mayibuye Group as the primary bidder and contender for acquiring Equity in Blue (this entity is controlled by Johan Meiring and funded by Investec). Mayibuye indicated its intention to make an offer to acquire a controlling stake in Blue, but wanted operational control.
    • Mayibuye started managing operations before the process is completed and Dave Van Niekerk resigned as the CEO and as a director of Blue on 31 July.
    • The Mayibuye Group subscribed for shares in Blue.
    • Initiates restructuring efforts and cost-cutting measures.
    • Begins withdrawing from certain markets and running down loan books in certain countries.

  • 2011

    • Blue publishes results on JSE and in media – that it had generated a net profit of R21.8 million in the six months to August.
    • 2011 Johan Meiring and Mayibuye pursue a strategy of debt restructuring and recapitalisation, with the so-called aim of stabilising the business.

  • 2012

    • Johan Meiring starts making allegations against Dave Van Niekerk in an attempt to divert attention from himself.
    • The Mayibuye Group exposed for committing fraud amounting to R441 million from Lennox Investments funded by Old Mutual (not part of Blue. This was a JV with Old Mutual and Mayibuye). It is exposed that they had sold the same loan book 13 times to Old Mutual.
    • Dave Van Niekerk exposed Mayibuye Group fraud to 702 and Moneyweb.
    • Blue Financial Services shares suspended on JSE.
    • Blue announces strategic review leads to further consolidation of operations.
    • Focus narrows to core markets and improving loan book quality.

  • 2013

    • Company continues with operational downsizing and restructuring.
    • Exits or downsizing in several countries.
    • The Financial Services Board withdrew Blue’s authorisation to act as a Financial Services Provider in relation to Blue being able to offer insurance products. Insurance products linked to unsecured lending products.

  • 2014

    • Transition period marked by reduced market presence, leadership changes, and internal stabilisation.

  • 2015-2016

    • Blue operates at a significantly reduced scale.
    • Legacy remains influential in African microfinance and salary-based lending.
    • Former operations and personnel influence new ventures and fintech models across the continent

  • 2017

    • Delisting of Blue Financial Services Ltd.

  • 2019

    • ABSA and Dave Van Niekerk jointly win their case against Blue Financial Services Ltd.

  • 2020

    • Financial Services Ltd was placed into Business Rescue.

  • 2021

    • The appointed Business Rescue Practitioner, published a Business Rescue Plan which reflected that Blue had no assets.
    • The Business Rescue Plan was presented to creditors at a second meeting of creditors. The creditors at the meeting voted against the adoption of the plan. The appointed Business Rescue practitioner advised the creditors that the Business Rescue would be converted to liquidation.
    • The story of Blue Financial Services is one of bold ambition, rapid growth, and important lessons. As a pioneer in salary-based lending and inclusive financial services across Africa, Blue played a vital role in expanding access to credit for thousands of individuals who were traditionally excluded from formal financial systems. At its peak, the company operated in over 14 countries and employed nearly 3,000 people, making a measurable impact on financial inclusion and local economies. Blue’s mandate from the DFI’s and AIG was to expand across the continent and grow a large loan portfolio.
    • While its journey included challenges—stemming largely from rapid expansion and complex market dynamics, once its primary funder and shareholder AIG collapsed—Blue’s legacy remains significant. The company demonstrated the potential for African-born financial institutions to scale across borders, innovate responsibly, and serve the underserved. Its rise and subsequent restructuring have provided valuable insights for the next generation of financial services providers across the continent.
    • Today, Blue Financial Services stands as a reference point in the evolution of African microfinance and retail lending—its history offering both inspiration and guidance for building sustainable, impactful financial institutions in emerging markets.
    • Unfortunately Johan Meiring through Mayibuye never repaid any of the funders and even went on to have the Investec board member declared a delinquent director to remove him from the board.
    • Furthermore after publicly accusing Dave van Niekerk and the previous management team , once the Old Mutual fraud was pinpointed on Mayibuye and it was only through Mayibuye agreement with Old Mutual that the transactions occurred. The story died.
    • However – it’s now a known and accepted fact that Mayibuye orchestrated the fraud with Old Mutual.

2001-2010

Blue Expansion

Blue Financial Services experienced rapid expansion under the leadership of Dave van Niekerk, who drove the company’s growth across multiple African markets. His strategic vision and execution positioned Blue as a leading provider of financial services to underserved and underbanked communities. This period of significant growth continued until 2010, when Van Niekerk resigned as Chief Executive Officer. Blue’s expansion was further driven by access to a large capital base provided by AIG until the 2008 financial crisis.

2010-2021

Blue Deterioration

The Mayibuye Group, under the control of Johan Meiring, became involved with Blue Financial Services. This association ultimately contributed to the
company’s deterioration, which unfolded over time and eventually culminated in Blue Financial Services being placed into Business Rescue.