New effort aims to up financial literacy

A series of financial literacy training sessions were recently held across the Dr Beyers Naudé Local Municipality. These training sessions, which were an initiative of ABSA, also included information sharing from the National Youth Development Agency (NYDA). On 16 October, this training took place in the Umasizakhe Community Hall in Graaff-reinet, where approximately 200 people attended and received a certificate of attendance. The session focused on education around consumer protection and explained the importance of checking your credit record by taking advantage of the annual free credit report. Community members were also encouraged to refrain from using ‘skoppers’ also known as ‘loan-sharks’ who normally charge high-interest rates and act illegally by taking identity documents and bank cards of community members. These loan sharks are illegal and unregulated which means that they do not comply with the National Credit Act. The NYDA also spoke to the youth on what they need to do to start their own business and explained the processes involved in obtaining grant funding. The NYDA grant funding can be utilised for working capital, asset finance and to purchase stock. The Grant can be granted to individuals who own formal or informal businesses which are in the start-up phase or development stage. Co-operatives and Community Development Facilitation Projects also qualify for grant funding. To find out more please visit your local NYDA branch or visit their website at www.nyda.gov.za alternatively contact them on 0800 52 52 52.

The session focused on education around consumer protection and explained the importance of checking your credit record.