Your little fish is a labidochromis caeruleus. If you break the word labid/o/chrom/is down it roughly means pertaining to lip color. All the fish in the genus are very colorful. They woul go well with your fish.
It is a mbuna cichlid from the lake malawi. If you decide to keep him you should stick with other mbuna. All mbuna are very colorful and there are many to pick from. They are very fun to watch. They are very spunky little fish with a lot of personality . Mbuna are also smart little fish. When I sit on the sofa right next to my one tank they all crowd around me. They don't do that when other people sit there.
They also have some pretty interesting breeding habits. Some males will try to mate anything that has fins, while other males will stick with one female. I have a male I bought with two females. The will only mate with the one female. He is normally rather docile, but when his female is holding he becomes a shark. I have to remove her or my other fish(even my kenyi) take a beating. After I remove her he searches frantically for quite a bit of time, and no matter how long she's gone he won't move on and mate with the other female. They're mouth brooders. The mommy will hold the fry in her mouth. Once the fry are big enough and she will let them out. They stick close and if another fish comes along she scoops them back up. Once the fry are big enough you can provide places for them to hid that bigger fish can get. Texas holey rock is good for that. Or you can learn to strip the female. I strip my females and keep the fry in their own little tank. I was scared to do it the first time but it's pretty easy. It's also kind of amazing to see how many fry the female holds in her mouth.
I've been keeping mbuna for a while, but recently I adopted some new world cichlids from a friend. I'm not finding myself becoming attached to the new world cichlids at all. They a boring. They aren't as active. They also aren't as colorful. They do grow much larger and live much longer. They are also much messier. If it weren't for my friend being so attached to them and wanting them to go to someone who would provide the best for them I wouldn't have taken them.
So as for your big decision everyone one here has their own opinion. I'm obviously pro-mbuna, but that's me. You should do some research to gather unbiased information. Look at different species and how to care for them. Weigh out the pros and cons and form your own opinion.