Namibia: a rural community thirsty for financial literacy

The business community in the Omaheke region has recently come forward in favorable numbers and with a thirst to grasp the basics of financial management.

A newly founded Namibian nonprofit, Hitambo Virtual Academy, provided basic financial education services to the community this month and aims to expand the education program nationwide.

Certified trainer from the organization Mbunga Mbueza said the turnout was overwhelming and many people are keen to own productive businesses that will significantly contribute to Namibia’s economic well-being.

“During the training in the Omaheke area, we noticed that many entrepreneurs struggle to make decisions and keep books in business. These are two important elements in moving a business forward, and I hope this training will help them, ”said Mbueza.

Hitambo Virtual Academy has a memorandum of understanding with a German organization and uses simulation training guidance to provide a range of services to individuals, small entrepreneurs and farmers, with a focus on improving education financial and entrepreneurial skills to support small business sustainability, employment and sustainable 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 realistic learning environment that reflects real 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 and practical activities, ”he explained.

The training focused on decision making (forecasting sales, decisions on events and consequences) and recording financial statements (basic income statements, cash flow statements and balance sheets).

Some 91 members of the business community attended the training in four ridings in the Omaheke region.

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

With that, he said, the goal is to focus on the practical part of starting and running a micro-business as well as the factors to consider when making crucial decisions; how to keep proper records and the purpose of saving.

About Keneth T. Graves

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