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It taught us that tech could move money and information on a distributed basis economically. When Sport For All founders approached True North Holdings looking to partner and convert their NGO into a franchise in 2004, we bought their front end and partnered for just over five years, using MAD tech and smart cards to form part of their business model.
However by personal property secured loans we realised we didnt have the capacity to do too much as building MADs consumed enormous amounts of money - a terminal cost R5 000 and it was a bit too ahead of the curve. So in 2010 Sport For All bought back their shares and focus fell back on Cash Converters where its been ever since.
How Richard Mukheibir and Cash Converters met. I come from generations of entrepreneurs; my grandfather came to South Africa in 1897 from Lebanon and despite being illiterate and hdfc personal loan emi details with very little, he bought a donkey in Durban harbour, settled in the Eastern Cape and set up a general dealer store which is still around today, 115 years later.