Eric Nkosi opens third Middelburg Cash Converters store


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Middelburg Franchisee Eric Nkosi

On 7 July, Eric Nkosi, a business-school graduate launched the third Cash Converters store in Middelburg, Mpumalanga.

“I’m a great believer in the benefits of franchising,” says Nkosi “This is my third business, all franchises. I particularly like the Cash Converters model which offers customers affordability in these more difficult economic times”.

“I value the fact that franchises are an investment which give you flexibility – I have already sold on one of my other franchises. I also thrive on all the support and training provided by good franchises to their franchisees as well as to our members of staff.”

Middelburg Franchisee Eric Nkosi employeesJob Creation

Eric has created 11 jobs for his new employees at his Middelburg store. Eric hopes to open a second Cash Converters outlet once his first one is established and then create further job opportunities.

“I know that there is still plenty of hard work and commitment ahead in building this franchise outlet but I am no stranger to that,” he says. “As well as having run my other businesses and spent time working as a manager in the corporate world, I studied for business qualifications at the Graduate School of Business at the University of Cape Town.”

There has been a warm response from Middelburg patrons to the new franchise store thus far, this is the third Cash Converters franchise open in Middelburg.

“We are delighted to welcome Eric Nkosi and his experience to the Cash Converters family,” says Richard Mukheibir, Cash Converters Managing Director. “All of us in the company know how each and every one of your skills and resources are tested and polished in setting up a new store. I went through it myself opening the first-ever Cash Converters store in Parow more than two decades ago.”

Mukheibir believes franchising enables would-be business owners to grow their business skills and investment within a supportive and professional environment and guides them in avoiding common start-up pitfalls.

“The Cash Converters business model offers a three-for-one income stream for franchisees – dealing in second-hand goods, pawnbroking and micro loans,” says Mukheibir. “We are confident that this, combined with our practical understanding and systems support and training, will help Eric reach his goals of establishing the Cash Converters brand in Middelburg and helping build it in Mpumalanga.”

About Cash Converters

Cash Converters Southern Africa was co-founded in 1994 when Richard Mukheibir (Managing Director) and Peter Forshaw (Financial Director) bought the licence to establish a master franchise of the Australian brand, the world leader in trading and marketing second-hand goods and now the world’s largest cash and asset converter. Cash Converters Southern Africa purchases merchandise from customers, enabling them to have instant access to cash. Since 2007, it has also offered short term loans against a customer’s valuables or against their salary.

Cash Converters Southern Africa is built on a solid foundation of franchisee owner operators, guided by core values of passion, professionalism, integrity, respect and collaboration. It has already empowered more than 100 franchisees to run their own businesses and create their own wealth. Each franchise store, in turn, provides job opportunities for an average of 12 employees, each supporting about five other people. This network of businesses is supported by robust processes and systems and ongoing training programmes for franchisees and staff.

Dynamic growth of up to 20% per annum has created 75 Cash Converters franchise stores in Southern Africa (as at 1 January 2017). These stores process over 2.2 million transactions a year and have a combined annual turnover in excess of R1.2bn across all products and services.

They are part of the rapidly expanding Cash Converters International network of more than 700 stores around the world. These can be found in such diverse countries as Australia, the founding country, the United Kingdom, Thailand, New Zealand and the UAE, as well as South Africa. Cash Converters Southern Africa was a finalist for the Franchise Association of South Africa Franchisor of the Year Awards in 2014, 2015 and 2016.

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