We’re proud that our business adds value in a small way
The story of Cash Converters Southern Africa started in 1994, when Richard Mukheibir (current CEO) and his business partner, Peter Forshaw (current CFO), were among the first people to bring international franchising to the country.
The duo introduced South Africans to several franchises, one of which was Cash Converters – an Australian franchise that focused exclusively on the buying and selling of quality pre-owned goods.
Cash Converters continues to hold the master franchise licence in sub-Saharan Africa; we have stores in South Africa, Namibia and Nigeria, with plans to expand further across the African continent.
Richard Mukheibir, CEO, Cash Converters Southern Africa
More than 1 000 employees…
In South Africa in 2007, when the National Credit Act took effect, the Cash Converters franchise expanded its services from buying-and-selling pre-owned quality goods and introduced its cash advance offering.
In 2009, the company launched the Personal Finance Centre, where customers could acquire loans against their salaries. From there, what started as a single store in Parow, owned and managed by Mukheibir for two years, has grown into a chain of more than 85 stores across Southern Africa, with more than 1 000 employees across the network.
Apart from becoming the leading cash and loan provider to consumers, the Cash Converters chain has provided hundreds of entrepreneurially minded people with the infrastructure to become financially independent owners of thriving businesses.
As a company that is well established in the second-hand buying and selling space, we have become increasingly well-known for our loan business and have firmly established ourselves as micro-lenders.