Fifty of KwaZulu Natal’s emerging entrepreneurs participated in a financial literacy workshop as part of National Savings Month, at the U.S. Consulate in Durban on July 30. The workshop also aimed to promote the development of small and medium enterprises.
Acting Regional Head for Enterprise Development at ABSA Bank, Lefentse Ledwaba- Chapman, and Community Grants Coordinator at the U.S. Consulate, Natacha Collymore, led the workshop.
Ledwaba-Chapman was impressed by the attendance and youth participation. “The audience was hungry for knowledge. Financial literacy plays a very vital role in the success and sustainability of a business and it is a skill that every business owner should possess or strive for.
“Even though entrepreneurs may have resources such as accountants or bookkeepers, it does not take away the fact that they have to have some financial literacy to be able to make informed decisions about their businesses. A lack of financial literacy always spells disaster for any business regardless of how excellent its services or products are,” said Ledwaba-Chapman.
Workshop participant Lwazi Mthiyane said “The information we received was invaluable. We really appreciate the efforts and lengths that the U.S. Consulate in Durban is doing to help young business people.”
The workshop addressed topics such as financial planning, debt management, financial negotiations, and issues of compliance with financial policies and access funding.