First Time Franchisees Say they had Wonderful Support from the Cash Converters Franchisor
Kim Broom and Africa Msimango took over the Cash Converters branch in Victoria Centre, Pietermaritzburg, on 1 November as part of the Kutana Group’s corporate social development.
“Kutana’s leadership is committed to BEE and sustainable growth through responsible investments,” says CEO Thoko Mokgosi-Mwantembe. “As a Pan-African investment company focused on delivering significant shareholder value while contributing to economic and social transformation, we see great development opportunities within the Cash Converters model for both Kim and Africa as well as ourselves.”
This is the first experience of franchising for both Kim and Africa, who both come from marketing backgrounds.
“We believe this franchise offers good products at great prices,” says Kim. “Taking over has been hectic and a huge learning curve for us but we have had wonderful support from the franchisor.”
Africa sees this business opportunity as an important stepping stone: “We want to build a very successful business that generates sustainable wealth for all concerned. In due course, we would also love to open another Cash Converters store in Pietermaritzburg.”
The Cash Converters franchising model includes a three-for-one income stream – dealing in second-hand goods, pawnbroking and micro loans. This offers newcomers such as Kim and Africa the opportunity to build a strong, expanding business quickly, believes Group Chief Executive Officer Richard Mukheibir.
“We are delighted that Kim, Africa and the Kutana Group have chosen to partner with Cash Converters as they expand their investment portfolio,” he says. “We appreciate the group’s commitment to the communities where they work because we know how vital such relationships are for building a strong base of satisfied, return customers.”
“For Kim and Africa, we feel sure our systems support and ongoing training will enable them as new business owners to grow their business skills and investment within a supportive and professional environment, guiding them in avoiding common start-up pitfalls.”
About Cash Converters
Cash Converters Southern Africa was co-founded in 1994 when Richard Mukheibir (Chief Executive Officer) and Peter Forshaw (Chief Financial Officer) 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 nearly 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 more than 80 Cash Converters franchise stores in Southern Africa (as at 1 July 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.