Another casualty of interest capping: Blue Financial Services lays off workers, prepares to close

Dear Editor,
We would like to air our grievance on the injustice we are suffering at the hands of Blue Group of Companies, a South African Company operating in Zambia.
Management in Zambia through the directive of their supervisors in South Africa gave us letters of redundancies on 21st February, 2013 informing us that 30th April, 2013 is the last month for all affected employees (Cessation of Blue CashXpress business activities in Zambia and subsequent deregistration of the company and closure of the company’s Blue Branches – 7).
Meanwhile, the company has stopped paying out loans and put an emphasis on collections as a way of recovering most of the money which they have been transferring abroad and not keeping locally.
We therefore would like the following authorities to come in and help us:
Ministry of Labor and Social Security
– To help us with the issue of our redundancy packages which they promised to give us by 30th April, 2013.
The person representing the company in this process is South African, living in South Africa who does not understand the Zambian labor laws and our challenges unless the Zambian Management has sold us or do not know what they are doing.
Bank of Zambia / Drug Enforcement Commission
– The company may be transferring money out of the country, it’s not a coincidence that the company has stopped paying out loans and placed an emphasis on collections…the company may vanish in thin air once they recover on most loans as it’s their only asset they have and may subsequently fail to pay us our dues.
Ministry of Finance
We wish to let the world know that Blue Financial Services Zambia is a “sinking boat”, and earnestly appeal to the Ministry of Labor and Social Security to swing into action to ensure w e are paid what’s duly ours before Blue finally sinks as time is of essence.
Blue financial services like all micro finances in Zambia staarted experinces problems when the PF government introduced interests capping on micro lenders.

Share this post