Africa-Press – Namibia. THE Financial Literacy Initiative (FLI) has commenced with the training of over 150 business people in the Zambezi region to enhance their financial management skills.
The training of two weeks is aimed at individuals and small and medium enterprises (SMEs) from various constituencies within the region. FLI training coordinator Chuma Siboleka says they saw a need for such intervention, since every entrepreneur is faced with several challenges, such as starting and maintaining a business, among others.
“The training is not very complex, it’s just the basic financial management tools. These are things these people already know, but because of the challenges on the ground they do not necessarily practise them. We want to encourage them to make record keeping routine,” she says.
Siboleka says this is the first FLI training outreach to the Zambezi region. Acting Katima Mulilo mayor Namangolwa Mapenzi at the opening of the training initiative said the town council is mandated to identify regulatory and legislative stumbling blocks at national level to collectively lobby and address.
“Additionally, we are mandated to create conducive conditions to enhance economic growth. Financial management requires urgent attention across multiple sectors and platforms. We are therefore looking forward to engaging business owners to share their experiences,” she said.
Councillor Watson Kalaluka, who is responsible for SME development at the town, at the event urged the participants to learn as much as they can as their acquired knowledge would benefit their businesses in the long run.
He reminded them that SMEs stimulate domestic demand through job creation, innovation and competition, and are therefore the driving force behind a resilient national and local economy.
“For SMEs to survive and grow, adequate access to finance, as well as financial management are critical – hence the need for this training,” he said.
Micro-grocery store owner and participant Warren Kamwi, said: “As a businessman for the past five years, I am unable to progress in my business because of finance management illiteracy. I am always overpaying myself and I don’t have money saved up as a back-up plan to keep the business afloat. I am confident that if I master the finance management aspect, the business would grow bigger.”
Another participant, Mia Malipa, who runs a travel agency in the region, said the training came at the right time, since she just started her business.
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