Picture: The SMME owners attending the Money Makeover Program/Supplied
By OBAKENG MAJE
Lacking financial literacy can be very damaging to an individual’s long-term financial success. However, the research shows that many people still need financial literacy as they continue to struggle to manage their finances.
The African Bank visited Mokgareng village, near Taung on Tuesday to engage with residents on a Money Makeover workshop. According to the CEO of Zduhle Consultant, Zibu Masoloba, they brought this program to villages to ensure that, many people know how to manage their finances.
Masoloba further said, Small Micro Medium Enterprises (SMMEs) are crumbling simply because those who run them, do not have financial knowledge.
“We are working around mines and organisations on assisting employees on how to get out of debt. We are here in Mokgareng Village doing a community financial literacy workshop. We talked about how to start a business and manage the company’s finances, including opportunities available.
“We also educate business owners on how to manage their businesses better. Our quest is to educate employees on how to get out of debt because many people who are employed, are struggling to get out of debt,” said she said.
Masoloba added that this particular program does not come with financial assistance for business owners, but North West is one of the most critical mine-supplying areas that provide labour to the mining communities. She said young people here can benefit from enterprise programs.
“These kinds of programs assist young people to kick-start their businesses. One of the things will be equipment and also know how to cover the operational costs. We should advise them on what kind of businesses to start.
“It is imperative to know what businesses might succeed. Many young people start businesses that are similar and they should not just start business because they are broke,” she said.
One of the local business people, Tshidi Moreane from Druzaray Aluminium and Glass, shared the same sentiments. Moreane said it is important for local business people to know about financial literacy. He said this will assist them in managing their finances better and sustaining their businesses.
“We are very thrilled to have organisations like African Bank that are willing to impart knowledge to local people, especially in the previously disadvantaged areas like Taung. The workshop was not only attended by Mokgareng people but Taung at large.
“Financial literacy means understanding financial concepts and having the skills associated with money management that enable you to make smart decisions with your money. It is integral to making responsible financial decisions,” he said.
Another local businessman, Aobakwe Edwin Tokwe from Mokassa 2 village said: “I am currently embarking on poultry and piggery farming. In terms of marketing, today’s initiative will assist our businesses. There is no funding and many people are willing to embark on entrepreneurship, but there is no funding.
“The financial literacy will influence whether you control your money or your money is in control of your life. So, financial education is key if one wants to see their businesses prosper.”
The Guardian 