Agreement to boost financial literacy

NUST signed an agreement with the Financial Literacy Initiative (FLI) to provide financial management simulation based training for 150 entrepreneurs across Namibia. The training, which targets small-scale business owners and senior financial managers between the ages of 18 and 35 years, will be facilitated by the Centre for Enterprise Development (CED).

Francois Brand, Manager of the FLI Secretariat poses with Dr Gert Günzel, Deputy Vice-Chancellor: Administration and Finance during the signing ceremony.In 2009, the Ministry of Finance, established the FLI to improve the understanding of financial matters and promote consumer protection for all Namibians. Studies nationwide have shown that the levels of literacy in this area are strikingly low, and this is one of the reasons that citizens have limited access to financial services. The group that is most affected is the low-income earners who do not easily have access to education.

The Director of CED, Godwin Chisenga, said: “A lack of proper financial management by SMEs is one of the major reasons why they fail, and with this type of training, business owners will be capacitated to understand the most important financial concepts and be able to make informed decisions affecting their businesses.” The FLI identified youth entrepreneurs as an ideal target group to get the training off the ground and it is against this background that simulation-based financial management training will be offered.  

The Manager of the FLI Secretariat, Francois Brand, will supervise the training and ensure that practical knowledge and skills are transferred on topics which include, costing, pricing, budgeting, short- and long-term financial planning, bookkeeping, saving, spending, purchasing, banking and taxes. The year-long course will begin in August 2016, and interested persons should contact the CED for more information at +264 61 207 2296 or ced@nust.na.

Date: 
Friday, July 15, 2016
for Month: 
July, 2016

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