Smart Money – Cash Converters SA CEO Richard Mukheibir on business resilience and franchising in South Africa

In this Smart Money with Alishia Seckam interview, Richard Mukheibir explains how Cash Converters has grown and adapted to market conditions over its 32-year history in South Africa.

Mukheibir is the co-founder and CEO of Cash Converters Southern Africa. 

He completed a Bachelor of Commerce degree at the University of Cape Town in 1986, majoring in economics, accounting, and information systems. 

Mukheibir then joined Gencor Group Information Systems as a Junior Technical Specialist. 

In 1990, he became a Senior Technical Specialist at Impala Platinum, and later became the Systems Manager.

He then founded the first Cash Converters in South Africa in partnership with Peter Forshaw, introducing the franchise that had previously been successful in Australia.

He has also played a key role in the introduction and establishment of other global franchise brands in South Africa, such as PostNet, Sport for All, and MultiServ.

The first Cash Converters store was opened in 1994 in Parow, Western Cape, with a focus on buying and selling secondhand household goods.

Under Mukheibir’s leadership, the franchise has grown to a network of over 100 stores across Southern Africa, with more than 1,500 employees.

It has also expanded to offer money lending and an online shop, and continues to evolve its offerings.

Beyond Cash Converters, Mukheibir serves as a director of several private companies, including True North Holdings and its subsidiaries, True North Franchising, Cashies Investments, Quickdraw Capital, Quickdraw Finance Africa, Quickdraw Holdings SA, and Quickdraw Software Solutions.

He has also served as a non-executive director of Century 21 and the Franchise Association of South Africa.

In his spare time, Mukheibir enjoys golf, fly-fishing, gardening, and spending time with his family.

Smart Money interview

In this Smart Money interview, Mukheibir begins by explaining how Cash Converters has remained resilient throughout various economic cycles.

He highlights the most important strategic shifts in Cash Converters’ business model that have helped to keep it relevant and drive growth throughout its 32-year South African history.

Mukheibir then explains how Cash Converters’ diversification has been critical to protect its income streams.

He also talks about the benefits of being a Cash Converters franchisee in South Africa, and unpacks how the local second-hand retail industry has changed in three decades.

Finally, Mukheibir suggests what the future could hold for Cash Converters in South Africa.

Watch the full interview with Cash Converters SA CEO Richard Mukheibir below.