Tag Archives: financial literacy

Empower a Community Today

 

In the words of Nelson Mandela: “Education is the most powerful weapon which you can use to change the world.” At Compuscan Academy we share this vision and believe that through education we can equip communities with the skills to make informed decisions and improve their current living conditions.

It is with this belief in mind that Compuscan Academy launched its Money Management Workshops last year and with which we again this year hope to equip individuals with vital money management and credit knowledge.This year, however, we are asking you to help us reach even more communities in need by nominating a community that you believe will benefit from the financial insight provided during these workshops.

The workshops are based on a uniquely designed training programme intended to increase the overall credit and financial literacy of individuals to help them steer clear of the pitfalls of debt. Workshop goers are exposed to budgeting and credit advice which will assist them to maintain sustained financial independence and credit health. In addition, individuals learn vital savings techniques which will assist in directing them towards a secure financial future.

At all workshops attendees are given the opportunity to receive a free copy of their credit report, provided they bring their ID documents along. On their credit report attendees can see their current creditworthiness status and are provided with critical information on how to improve their credit status to gain access to credit in times of need. Furthermore, the report makes individuals aware of their credit history and how paying their accounts on time can be used to their advantage.

In South Africa, where there is an unemployment rate of over 25% and where over 8.93 million consumers have an impaired credit record (Credit Bureau Monitor, National Credit Regulator December 2011), Compuscan Academy believes that financial literacy is the first step to changing the future of our country and with it doing our bit to bring vision to the words of Nelson Mandela and change the world.

 
To nominate a community please contact Compuscan Academy on 021 888 6000 or email   info@compuscanacademy.co.za 

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SMMEs given access to support and financial literacy

The KwaZulu-Natal Treasury has utilized its financial literacy education campaigns to the rapidly expanding business hubs in the Richards Bay and Empangeni regions, in northern KZN.

Small, medium, micro enterprises (SMMEs) perform a crucial role in South Africa’s economy, regardless of encountering a number of issues. For this reason, MEC for Finance, Ina Cronje, reached out to in excess of 200 SMMEs simply by introducing them to the KZN Financial Literary Association.

The Association will furnish information and offer help and support services to guarantee growth and development of new and existing businesses within the province.

The SMME focus group is among one of five groups that operate beneath the umbrella of the KZN Financial Literacy Association.

 

MEC for Finance Ina Cronje

 

The event was held at the Mfolozi FET College and was also attended by the local business leadership of the Zululand Business Chamber, the president of the KZN Youth Business Chamber and Isolezwe, who has currently also joined up with the Association.

Head of the SMME sub-committee, Ntokozo Zikalala, stated that one of the issues impacting on the economy is the fact new businesses start up on a regular basis but shut down quite quickly.

“A serious barrier to growth and developement of sustainable SMMEs is by and large identified as a scarcity of access to start up capital, financial illiteracy, poor planning in addition to shortage of financial management skills. We are at present evaluating all established programmes and identifying gaps and needs, which will make it possible for this focus group to provide a three-year plan of how we visualize to roll out financial literacy education for the SMMEs in the province,” said Zikalala.

Speaking on behalf of the sponsor, Ithala, acting executive manager, Siphiwe Madondo, suggested that financial illiteracy is one of several factors behind poor savings records in the country.

“A number of businesses exhibit exceptional financial illiteracy throughout their planning and the general utilization of money. We would like to be involved in the Association’s activities to assist take the message of financial literacy all around the province in order for the businesses, the majority of them started by previously disadvantaged people, do not crumble,” said Madondo.

 

KZN Financial Literacy Association: (From left) Vice Chairs: Professor Krish Govender (UKZN), Ms Olivia Davids (Financial Services Board), Chair: Dr Peter Munns (South Coast Chamber Of Commerce And Industry)

 

Meanwhile, Cronje urged the youth to identify business opportunities and give consideration to entrepreneurship as an option. She cautioned that possessing knowledge about finances as well as business acumen were critical factors for success.

“It requires time and energy. We should forget about getting rich quick without having to roll up our sleeves. In addition, it requires being financially literate. Establishing a business is not driving flashy cars. You need to have an understanding of the basics of what you do. It is in addition essential not to combine your personal and business accounts, and so is being familiar with your target market. Is your market enthusiastic about what you offer? Have you priced it correctly? Undoubtedly you have some homework to do prior to starting a business,” said Cronje.

The initiative was met with a great deal of praise. Sikhulile Cooperative chair Masinama Lushaba commended the MEC for her part in the development of entrepreneurs in the province.

Lushaba was among the initial cooperatives, appointed by the KZN Department of Education in 2006, to participate in the school nutrition programme.

The cooperative has already repaid their loan and are now in a position to expand. Lushaba said the financial literacy programme is going to be utilized to guide them with their business expansion goals and objectives.

 

For more information

KWAZULU-NATAL FINANCIAL LITERACY ASSOCIATION

Contact:  Christi Naudé
Tel: 033-8466985
Cell: 082-8610114
Website: http://www.kzntreasury.gov.za/MECOffice/KZNFinLiteracyAssociation.aspx
Email: christi.naude@kzntreasury.gov.za

Source: BuaNews

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