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Category: Financial Literacy 2019

Financial Literacy 2019 – That’s a wrap!

By Sethu Tshabalala

On Saturday the 8th of June 2019 the Tshwane Hub successfully completed the 3rd annual session of Financial Literacy at Phateng High School in Mamelodi. The purpose of this project is to educate grade 8s and 9s basic business and accounting principles and to provide them with funding to run their own small-scale businesses within the school for a few weeks.

Success Factors

This year we saw many successes as a hub in the growth of the project.  It was the first year we were able to secure external funding from our key sponsor Nedbank Group. We had the privilege of being sponsored by Debonairs at the last session with pizza meals for all students and staff.  It was the first year we were able to double the first intake session from 50 students to above 100 students. This was due largely thanks to the school staff who successfully promoted the project at school: fellow Global Shaper Arnold Maudi, Miss AK Dilebo and Mr Mohlala, principal of the school.

We interesting new businesses such as a car wash business for teachers and a sandwich and coffee breakfast businesses which catered to the needs of learners who need breakfast when the school starts. In the end however, it was a traditional student business which one the contest: Marvellous Cookies: Kgotlelelo Mathebula; Thabiso Ledwaba; Tlotlego Dhulaza. This team attributed their success to working consistently as a team throughout each of the three weeks of the selling period.

Lessons Learnt

As a hub we also built on our learning. We saw that teams who had better work relationships and team accountability made more money. Perhaps the greatest lesson for all teams was the importance of being able to cost their product accurately as those who struggled to generate a profit often did so not due to a lack of sales volumes but due to lower pricing than the cost of their products.

Last but not least, as a result of our presentation of the project at SHAPE Africa in Nairobi Kenya, the Tshwane hub was able to host a knowledge sharing session after the conference with hubs from Kampala, Joburg and Bujumbura to help them consider their own potential rollout of this project.

Round of Applause

Thank you so much to Nedbank Group, Debonairs Banbury Crossing, Arnold Maudi, AK Dilebo and Mr Mohlala as well as all staff at Phateng who support this project annually, the Financial Literacy working group, former Curators: Rivonia Pillay, Shamiso Kumbirai, Thembile Ndlovu as well as all the Tshwane hub members who participated in the execution of the project in 2019.

It has been an incredible privilege to lead this project under the guidance of the Tshwane Hub. I look forward to watching it grow from strength to strength as I hand over to a new incoming Global Shaper for the next season.

As a hub we are truly passionate about education and young people. As members of the Global Shaper Community in Tshwane, our endeavour will always be to shape our community for the better.

Getting Ready for Financial Literacy 2019

By: Sethu Tshabalala

One of my favourite projects to execute so far with the Global Shapers community has been the Financial Literacy Project in Mamelodi.

The project began in 2017 during my first year as a hub member. We had the support of Allan Gray; learning material from the Banking Association of South African and our then project lead and hub member Brendon Kilpatrick. Over the past two years I’ve watched this project grow from 50 students in one school to over 120 students in two schools in Mamelodi.  

The vision is simple: we were going to use start-up capital from sponsors to loan to grade 8s and 9s interest free to start their own business.

Learners from the schools are placed in groups of three to five. Over weeks we provide lesson on business and we give the students cash to start their own business. Any amount of money they make as a profit they keep. The capital returns to the project for the next program. The project has already seen success in our first class from 2017, “Girls on A Mission”, who are still running the business they began through this project.

During my volunteering on this project in 2018, it became clear to me that this project is where my professional skills, Accounting & Finance, meets my true passion, education. As a result, I put my hand up to lead the project in 2019.

Great news came early for us in my time as project lead, through the work of Rivonia Pillay and Shamiso Kumbirai (2018 curatorship), Thembile Ndlovu and I.  We received R20 000 in capital during January 2019 from the Nedbank Group to roll out the project at our two pilot schools: Bona Lesedi School and Phateng Secondary School.

There are however challenges including sustainable funding annually. The Hub relies heavily on sponsorship to provide meals and transport to assist learners during the sessions.

With funding secured early this year, it was easier to begin the next key activity: the project plan and strategy. With the support of the school principals, I met with school staff on the 1st of February to determine how we could best serve the schools considering these challenges.

The outcomes from the discussion were promising, as we worked together to find ways to ensure consistent student attendance, brainstorm how best to supply locally sourced meals and transport. We also agreed on finding dates to execute the project which don’t interfere with the school calendar.  

While we have some way to go, I am very excited to be working with local schools in Mamelodi to help uplift and empower the lives of young students through education and training. We look forward to sharing the execution and success of this project with our stakeholders, potential investors; project sponsors: Nedbank Group, Allan Gray, community members within Mamelodi and fellow GS Hubs in South Africa.