Rural community thirsty for financial literacy

The business community in the Omaheke region recently showed up in favourable numbers and with the hunger to grasp the basics of financial management.

A newly-founded Namibian non-profit organisation, Hitambo Virtual Academy, provided basic financial literacy services to the community this month and aims to take the education programme nationwide.

Certified trainer of the organisation Mbunga Mbueza said the attendance was overwhelming, and that many people are keen on owning productive businesses that will significantly contribute to the economic wellbeing of

Namibia.

“During the training in the Omaheke region, we have noticed many entrepreneurs struggle with decision making and bookkeeping in business. These are two important components to keep a business moving, and I hope this training will help them,” said Mbueza.

Hitambo Virtual Academy has a memorandum of understanding (MoU) with a German organisation and uses simulation training boards to provide a range of services to individuals, small entrepreneurs and farmers, with the focus to improve financial education and entrepreneurial skills to support the sustainability of small businesses, employment and long-lasting development.

“The training was necessitated by the lack of practical knowledge on how to start and run a successful business with a clear financial report. Simulation training is the creation of a true-to-life learning environment that mirrors real-life work and scenarios. Participants can put real knowledge and skills into practice – not just by reading books on theory or listening to a facilitator but through physical, hands-on activity,” he explained.

The focus of the training was on decision making (sales forecast, decisions on events and consequences) and recording financial statements (basic income statements, cash flow statements and balance sheets).

Some 91 business community members attended the training from four constituencies in the Omaheke region.

Mbueza added that Hitambo also recently embarked on another training course dealing with entrepreneurship for learners in schools.