Blue Financial earns US$4M from Zambia

Blue Financial, a leading microfinance operator across Africa, reported operating profit of US$4.2M on operating income of US$7.5M from its Zambian operations in the fiscal year through 29 February, 2008. This represents almost one half of Blue's Group earnings in the same period of US$7.7M. Blue's CEO Dave van Niekerk has said approximately $8.3M will be set aside for expansions into Tanzania and Uganda. The company has 20 branches in Zambia out of 171 branches in total across 9 countries. In related news, Blue's Zambian Director, Ceaser Siwale of Pangaea-Renaissance Investments, retired by rotation at the Annual General Meeting in September, 2007.