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1
ANNUAL REPORT
2017
2018
2
3
Address:
Cnr John Meinert & Moltke Str, CBD, Windhoek
Contact Details
SMS Number: 77077 www.youtube.com/finlitnam
www.fli-namibia.org www.facebook.com/finlitnam @finlitna [email protected]
Workplace Wellness:
Tel: (+264) 61 209 2297
Training & Workshops:
Tel: (+264) 61 209 2297
Media:
Tel: (+264) 61 209 2692
Research:
Tel: (+264) 61 209 2690
Management:
Tel: (+264) 61 209 2295
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Since its launch in 2012, the Financial Literacy Initiative (FLI) is dedicated solely to national financial
literacy and consumer protection education. The FLI Platform Supporters – including the Ministry of
Finance, which hosts FLI – mandated FLI to develop and implement a strategy to improve the financial
literacy of individuals, and micro, small and medium enterprises (MSMEs) in order to empower them to
make better informed and responsible financial decisions.
2017/18 was the final year for FLI’s second three-year strategy (2015/16-2017/18). In addition, the
2017/18 Financial Year (FY) was a year of finalising and evaluating most of FLI’s projects to identify their
effectiveness and refine them for FLI’s first five-year strategic plan, which was finalised in March 2018.
Despite 2017/18 having been a challenging year economically, FLI has been working hard to educate the
nation on financial matters, to support consumers to make wise financial decisions that will enable
them to manage their personal and business finances effectively and efficiently.
Additionally, FLI’s objective is to empower consumers to make more informed financial decisions with
regard to financial products and services. FLI aims to educate and inform consumers to improve their
access to financial products and services.
At Financial Literacy Initiative, we believe that a collaborative effort with Stakeholders and Platform
Supporters can enhance the financial capability of Namibians. The active involvement of our
Stakeholders and Platform Supporters enables FLI to execute activities that are aimed at uplifting
Namibians in order to narrow the economic divide and improve their quality of life.
This report, which FLI is delighted to present, outlines the financial literacy activities that FLI undertook
during the 2017/18 financial year. These activities, which were all based on the approved strategy and
Plan of Action, will continue to benefit individuals and businesses, strengthen the economy, and foster a
brighter future for our country.
Francois Brand – FLI Secretariat Manager
Foreword
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Contents
FOREWORD ............................................................................................................................. 4
ACRONYMS ............................................................................................................................. 7
INTRODUCTION ....................................................................................................................... 8
ABOUT US ............................................................................................................................... 9
FLI OBJECTIVES ........................................................................................................................ 10
FLI STRUCTURE` ....................................................................................................................... 11
Platform supporters ................................................................................................................................ 12
Executive committee............................................................................................................................... 16
Tender committee ...................................................................................................................... 18
BUSINESS FINANCE .................................................................................................................. 19
Traditional SME Training ......................................................................................................................... 22
Business Expense and Saving Training (BEST) programme ..................................................................... 23
START-UP FESTIVAL ................................................................................................................. 24
INFO-HUB ................................................................................................................................ 26
PERSONAL FINANCE ................................................................................................................. 29
EARLY CHILDHOOD DEVELOPMENT .............................................................................. 30
(3-5 years) .................................................................................................................................... 30
PRIMARY SCHOOLS .................................................................................................................. 31
(6-13 years) .............................................................................................................................................. 31
FINANCIAL WELLNESS WORKPLACE PROGRAMME ................................................................... 32
ONCE-OFF SESSIONS ................................................................................................................ 33
NAMIBIAN STUDENTS INVESTMENT CHALLENGE ...................................................................... 35
OUTREACH ACTIVITIES ............................................................................................................. 37
Radio campaigns ..................................................................................................................................... 37
Tv campaigns........................................................................................................................................... 38
Public talks .............................................................................................................................................. 38
Media activations .................................................................................................................................... 40
10th Ministry of Education Sports Event ................................................................................................ 42
Women’s conference .............................................................................................................................. 43
National Youth Week .............................................................................................................................. 43
IUM Entrepreneurship Day ..................................................................................................................... 44
Swakopmund International Trade Expo (SWAITEX) ............................................................................... 44
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Rehoboth Trade Fair .................................................................................................................................. 45
GIZ Wellness Day ....................................................................................................................................... 45
FLI’s 6th Birthday ....................................................................................................................................... 45
World Savings Day ..................................................................................................................................... 46
SOCIAL MEDIA OVERVIEW ............................................................................................................. 47
Facebook .................................................................................................................................................... 47
Twitter ......................................................................................................................................................... 48
YouTube ..................................................................................................................................................... 49
SMSs ............................................................................................................................................. 50
WEBSITE ....................................................................................................................................... 51
PUBLICATIONS .............................................................................................................................. 52
Publications .................................................................................................................................. 53
RESEARCH ..................................................................................................................................... 54
Research collaboration .............................................................................................................................. 54
Monitoring & Evaluation ........................................................................................................................... 54
Impact Assessments .................................................................................................................................. 54
NATIONAL FINANCIAL CAPABILITY SURVEY (NFCS) 2017 ................................................................ 56
ASSET MANAGEMENT ................................................................................................................... 56
SECRETARIAT MEETINGS ............................................................................................................... 56
Annual General Meetings .......................................................................................................................... 57
Strategic Workshop ................................................................................................................................... 58
FLI Retreat Workshop ................................................................................................................................ 58
CONCLUSION ................................................................................................................................ 59
FINANCIAL REPORTS ..................................................................................................................... 60
Annual Financial Statements ..................................................................................................................... 60
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AGM Annual General Meeting
AIESEC International Association of Students in Economic and Commercial Sciences
(Association Internationale des Etudiants en Sciences Economiques et Commerciales)
BEST Business Expense and Saving Training Programme
ECD Early Childhood Development
ECN Electoral Commission of Namibia
EPAS Directorate of Economic Policy Advisory Services
FLBS Financial Literacy Baseline Survey
FLI Financial Literacy Initiative
FWWP Financial Wellness Workplace Programme
FY Financial Year
GIZ Gesellschaft für Internationale Zusammenarbeit
IUM International University of Management
M&E Monitoring and Evaluation
MoU Memorandum of Understanding
MSMEs Micro, small and medium enterprises
NCCI Namibia Chamber of Commerce and Industry
NDP5 Namibia's 5th National Development Plan
NFCS National Financial Capability Survey
NFLS National Financial Literacy Survey: 2017
NFSS Namibia Financial Sector Strategy: 2011-2021
NIED National Institute for Educational Development
NISO Namibian Informal Sector Organisation
NSIC Namibian Students Investment Challenge
NSX Namibia Stock Exchange
NUST Namibia University of Science and Technology
SACU Southern African Customs Union
SMEs Small and medium enterprises
SPSS Statistical Package for the Social Sciences
ToT Training of trainers
UNAM University of Namibia
WAD Women’s Action for Development
Acronyms
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Financial literacy is a life skill that is needed by most people to succeed in today's society. In our
country, the necessity for financial education was identified through leaders and through research,
showing that Namibians lack knowledge on financial management and struggle with responsible
financial behaviour, regardless of their educational level. The Financial Literacy Initiative, being the
driving force for financial literacy in the country, has been working hard to deliver financial education to
the public through various programmes to reduce the following concerns within our society: high levels
of over-indebtedness; challenges faced by small entrepreneurs when accessing credit; lack of savings
and investment; and the general low levels of financial knowledge in Namibia.
Guidelines on personal and business financial management are crucial in any society in order to equip
people with knowledge that will help them make informed financial decisions. Moreover, the lack of
financial literacy can lead to a widespread inability of individuals understanding key financial concepts
needed to manage their personal and business finances. Therefore, providing training to individuals will
enhance their capabilities, thus enabling them to run their personal and business finances successfully.
Various media platforms used by FLI allow the dissemination of financial education across the country.
FLI ensures the achievement of its intended outputs through the monitoring and evaluation of its
programmes.
Research has indicated that empowering consumers with financial knowledge enables them to evaluate
the choices available to them in the financial market, thus enabling them to make sound financial
choices that will benefit them and the country at large. FLI is pleased to undertake the long journey of
ensuring that the financial capability of Namibians is raised, equivalent to behavioural changes. In
addition, the five-year Strategic Plan is aimed at reaching the majority of Namibians through various
outreach activities, regardless of their geographical locations.
Introduction
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Our Vision
“Improved quality of life and a narrowed economic divide is achieved through
financially capable, assertive, and well-protected Namibians”
The Financial Literacy Initiative is mandated to promote financial education to individuals and micro, small
and medium enterprises in order to instigate a culture of financial intelligence. FLI conveys financial
education through different mediums such as training, workshops, festivals, printed material, media, and
many more.
For various reasons, most people in Namibia have financial conundrums, regardless of their income and
educational level. FLI continues to carry out various interventions that are aimed at pulling society out of the
debt trap and into a wealth-creation society.
“There is great potential to create lasting impacts at both individual and corporate levels, prompting
significant financial disciplines.” – FLI Team
About Us
The FLI team at its 6th birthday commemoration, which was held at the FLI House.
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FLI’s Objectives
•Namibians are better financially educated and financially capable, which leads
them to make informed financial decisions throughout their lives.
•Namibians are able to choose and appropriately use financial products and/or
services which are best for their specific needs.
•Namibians understand and act upon their rights and responsibilities within the
financial sector, and know and make use of appropriate recourse mechanisms.
•FLI monitors and evaluates the effectiveness and efficiency of its projects and
undertakes research into financial capability.
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The Financial Literacy Initiative’s team is comprised of different experts from GIZ, the Ministry of Finance,
and the Directorate of Economic Policy Advisory Services (EPAS). Staff members are supported by interns
from various local universities, usually contracted for one year. The Initiative is growing fast, and is about to
reach its plan of having six permanent staff members under EPAS. Currently, there are five permanent staff
members and the Directorate of the Ministry of Finance is in the process of employing an additional Chief
Economist for Strategy and Content. The team is being guided by its Platform Supporters to achieve its
national targets of enhancing financial education among Namibians.
The strong foundation that FLI stands on can be attributed to the continuous support from the Platform
Supporters, who play an imperative role in guiding FLI through shaping Namibian financial education
towards a successful path that will benefit everyone in the country. Both the public and private sectors are
keen to offer support to financial education in all areas by ensuring that financial education reaches all
Namibian citizens. The Financial Literacy Initiative was able to provide quality financial education to various
target groups through the Platform Supporters. Listed below are the various Platform Supporters, towards
whom the Financial Literacy Initiative would like to express its sincerest gratitude for their continuous
assistance in its efforts throughout the year of 2017/18.
FLI Structure
Platform Supporters
12
Office of the First lady
Namibia Financial Sector Charter (NFSC)
Namibia SME Forum
Platform Supporters
13
Development partner:
Audit Partner:
14
FLI is grateful to know that Namibians, both in the public and private sectors, are eager to take part in
national financial education. FLI would like to warmly welcome the new 2017/18 Platform Supporters
and thank them for joining the pursuit of financial literacy in Namibia. These new Platform Supporters
are: Nedbank, Namibia Football Association, SOS Children’s Villages, and Avril Payments Solutions.
New Platform Supporters
Signing of the MoU between SOS Children’s Village and FLI, 27 June 2017.
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Table 1
Number of FLI Platform Supporters at the end of the 2017/18 FY
Platform Supporters as at 31 March 2018
Organisation
Adonai Trust
Agribank
AIESEC
Bank of Namibia
Bank Windhoek
Business Financial Solutions
Debt Vision
Development Bank of Namibia
EMH Prescient
First National Bank
Healthworks Business Coalition
Kongalend Financial Services
Letshego
Micro Lenders Association
NAMFISA
Namibia Chamber of Commerce and Industry
Namibia Employers Federation
Namibia Financial Sector Charter
Namibia Housing Action Plan
Namibia Informal Sector Organisation
NANGOF Trust
Namibia SME Forum
Namibian Estate Agents Board
National Youth Council
Ndapunikwa Investment Management
Nedbank
Office of the First Lady
Old Mutual
Payment of Namibia
Retirement Funds Institute of Namibia
Shackdweller’s Federation Namibia
SOS Children's Village
Standard Bank
TransUnion Credit Bureau Pty Ltd
Namibia Football Association
Avril Payment Solution
Total 36
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The Executive Committee was elected by the Platform Supporters at the Annual General Meeting
(AGM) that took place on 18 August 2017. The Financial Literacy initiative is proud to present the
following institutions as members of the FLI 2017/18 Executive Committee:
Bank of Namibia
The Bank of Namibia (BoN) is one of the primary Platform Supporters. We are pleased to receive
on-going support and active involvement from the Bank of Namibia in steering FLI’s activities. This will
enable FLI to attain its goals, which are stipulated in the Namibia Financial Sector Strategy (2011-2021)
national document.
One Economy
One Economy is a Platform Supporter from the private sector, and is key in representing the informal
and micro business sector as well as civil society.
Old Mutual
Old mutual is a Platform Supporter from the private sector, representing the interest from the private
sector as well as the financial sector.
Ministry of Finance
As the custodian of FLI, the Ministry of Finance has a fixed seat on the FLI Executive Committee. The
Ministry of Finance ensures that FLI specifically delivers its expectations nationwide, as financial
education is one of NDP5’s targets.
FLI Secretariat Manager
The FLI Secretariat Manager also has a fixed seat on the FLI Executive Committee. The FLI Secretariat
Manager presents the perspectives of FLI’s daily operations to the Executive Committee, to ensure that
FLI attains its objectives.
Executive Committee
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Executive Committee’s Responsibilities:
1. Oversee the overall implementation of financial education activities.
2. Review and approve the budget and oversee the bank account.
3. Review, oversee and approve the Action Plan.
4. Consolidate, discuss and represent the opinions of the Platform Supporters as a
representative elected committee to carry the interests of the Platform Supporters.
5. Meet quarterly or when the need arises.
6. Elect one representative from themselves (other than the MoF representative or
the FLI Secretariat Manager) to represent the PS in the Tender Committee.
7. Three or more members (or their assigned alternates) of the ExCo need to be
present for an ExCo meeting to achieve a quorum.
8. Receive and sign Auditing Reports and Financial Reports and report to the Platform
Supporters at the AGM.
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The Tender Committee 2017/18 was also elected at the AGM, held in August 2017.
The Committee representatives are:
Bank of Namibia
Ministry of Finance
FLI Secretariat Manager
Tender Committee
Tender Committee’s Responsibilities
1. Discusses and makes decisions with regard to procurement of goods and services.
2. Authorises the relevant signatories to sign contracts on behalf of the FLI/ Ministry
of Finance.
3. Oversees procurement and contractual processes.
4. Evaluates different quotes and tenders.
19
“Businesses need sound financial management.” – FLI Team
Business Finance
For SMEs, FLI organises two kinds of Business
Financial Management training: Traditional SME
training, and Simulation-based training (SBT). Two
service providers are contracted by FLI to deliver
this training to SMEs. What distinguishes
simulation-based training from traditional SME
training is that it focuses closely on a board game
where the participants simulate the day-to-day
running of their own businesses. During this form
of training participants are required to make
actual decisions, allowing them to see the impacts
their decisions will have on their business.
Simulation-based training has received high
recommendation from participants because it is
more interactive and it allows participants to
share good ideas. Impact assessments conducted
during the review period indicate that financial
knowledge and behaviour of participants had
improved by 51.2%.
Small and medium enterprises (SMEs) play a key
role in the economy of any country by creating
employment, value-added service, and
contributing to innovation. FLI believes that
offering training programmes and activities that
improve knowledge and skills in basic business
financial management can strengthen SME
contributions to the economy. FLI organises train-
ing that covers various business finance topics
such as basic accounting, the importance of
separating personal and business finance, finan-
cial management, costing and pricing, taxes,
and savings and investments. FLI’s programmes
and activities in the area of business finance
education focuses primarily on Youth Entre-
preneurs, Micro Enterprises, SMEs, and Start-
ups.
SME Training
Participants engaging in simulation-based training at the Namibia University of
Science and Technology (NUST).
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Table 2
Number of SBT courses conducted during the 2017/18 FY
Institution
No. of SBT
courses
conducted
No. of
participants Completed phases
Kayec Windhoek 1 18 1&2
House of Women 1 16 1&2
Katima Mulilo Vocational Training
Centre 1 25 1&2
Rlab 1 10 1&2
Oshakati Kongalend 1 25 1&2
National Youth Council 1 13 1&2
Windhoek (random SMEs) 1 27 1&2
Windhoek (random SMEs) 1 36 1&2
Windhoek National Arts Council 1 18 1&2
Windhoek (GIZ-funded) 1 33 1&2
Total 10 221
The above table shows that a total number of ten SBT courses were conducted at various institutions
during the period of review.
21
“A lot of business owners need to understand that when you
have a business, the money belongs to the business and not
to the individual.”
– Simulation Based Training (SBT) participant
22
The traditional training programme is aimed at supporting SMEs with financial skills and knowledge, in
order to bring about behavioural change that allows them to make better spending and investment
decisions for their business.
The 2017/18 FY traditional SME training was conducted by Women’s Action for Development (WAD),
in partnership with the Coca-Cola Namibia Bottling Company through their 5by20 Initiative Pro-
gramme.
The 5by20 Initiative Programme targets women entrepreneurs, using tailor-made materials and tools
that fit the context of the SMEs, and covers the following topics:
Financial literacy
Basics of business
Customer care and food hygiene
Traditional SME Training
Table 3
Number of micro training courses conducted during the 2017/18 FY
Region
No. of training courses
conducted No. of participants No. of topics covered
Khomas 1 27 3
Oshana 1 27 3
//Karas 1 31 3
Total 3 85 9
The table above indicates that a total number of three micro training courses were conducted in
various regions of the country during the period under review.
23
Business Expense and Saving Training (BEST) programme
The Business Expense and Saving Training (BEST) programme is offered to micro enterprise owners as a
simulation-based programme. This training is divided into four modules, which cater for the financial,
marketing and business development of micro businesses in Namibia. The Adonai Trust is contracted by
FLI to deliver this programme to the targeted groups.
Table 4
Number of BEST programmes conducted during the 2017/18 FY
Institution
No. of BEST
programmes
conducted
No. of
participant
Completed
phases
Change Organisation, Windhoek 2 22 1 & 2
Snyfontein 1 15 1 & 2
Okongo 1 15 1 & 2
Eenhana 1 15 1 & 2
Windhoek Kindergarten teachers 1 12 1 & 2
Windhoek National Arts Council 1 18 1 & 2
Total 7 97
The above table indicates that a total of seven BEST programmes were conducted in various towns and
organisations during the period under review.
Snyfontein micro entrepreneurs who attended the SBT programme in July 2017.
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It's time to do your own thing!
Start-ups are the foundation of SME-driven economic growth in Namibia.
Start-Up Festival
The Financial Literacy Initiative, FabLab, Team
Namibia, and the Namibia Business Innovation
Institute (NBII) hosted the first Namibia Start-up
Festival, from 9 to 10 June 2017 at the Warehouse
Theatre, which was sponsored by Bank Windhoek,
the European Investment Bank, and the
Gesellschaft für Internationale Zusammenarbeit
(GIZ) on behalf of the German Federal Ministry for
Economic Cooperation and Development (BMZ).
The Namibia Start-up Festival aimed to inspire
Namibians to become true entrepreneurs, and to
celebrate the beauty of new ideas and the
courageous business founders who realise them.
At the festival participants had the opportunity to
learn everything, from how to start a business,
secure start-up funding, finding an investor, and
to how to deal with tax issues.
The Namibia Start-up Festival was attended by
over 370 participants and began with the opening
keynote address by the First Lady and Founder of
the One Economy Foundation, Madam Monica
Geingos. The participants had the opportunity to
attend panel discussions and workshops
conducted by local and international speakers
who shared their experiences. Furthermore, the
festival had a speakers’ studio and mentoring
clinic, which gave the participants the opportunity
for one-on-one interaction with the speakers.
One of the festival highlights was the ADDventure,
where selected start-ups had the opportunity to
pitch their business ideas to a panel of jurors and
stood a chance to win a business bank account
worth N$75 000, courtesy of The European
Investment Bank. Although all ideas were
innovative, Roel Rutgers, founder of MOME
Housing, stood out from the rest. MOME Housing
aims to create a bridging solution for people
waiting for formalisation of land – low income
families, shack dwellers or businesses that need
temporary staff housing now have an opportunity
to use leased land or other locations that do not
allow for permanent structures to be built.
Another highlight was the Hackathon, which
brought four teams of five programmers together
to develop an application for the cosmetics
industry. The Fantastic 5 walked away with the
prize, a Samsung tablet and a Red Bull promo
item. The application will serve as a
communication link between suppliers of natural
raw materials and manufacturers of cosmetics
products. The festival ended on Saturday night
with a party open to all participants.
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We would like to thank all the Start-up Festival
hosts: the Financial Literacy Initiative (FLI),
FabLab, Team Namibia and the Namibia Business
Innovation Institute (NBII), as well as all the
sponsors: Bank Windhoek, the European
Investment Bank, and the Gesellschaft für
Internationale Zusammenarbeit (GIZ) on behalf of
the German Federal Ministry for Economic
Cooperation and Development (BMZ), as well as
all the participants for making the event a great
success.
The event was successfully hosted to attain the following visions:
To inspire Namibians to become entrepreneurs.
To celebrate the beauty of new ideas and the courageous founders who realise them.
To showcase how it can be done: ideation, start-up funding, business registration, growth and the
future.
To establish the foundations that will make Namibia the most start-up-friendly environment in the
SADC region.
FLI staff at the Namibia Start-up Festival in June 2017.
370 Start-ups participated in
the Start-up Festival during
the 2017/18 FY
26
Many businesses in Namibia encounter a serious
lack of information regarding access to finance.
One of the reasons identified is the difficulty of
accessing a comprehensive and up-to-date
overview of all the funding opportunities available
in the country. Besides the traditional bank loan,
there are many other opportunities available, be
it from the public sector such as the Regional
Councils or private funding in the form of grants
and equity.
The Financial Literacy Initiative, with support from
the Deutsche Gesellschaft für Internationale
Zusammenarbeit (GIZ) on behalf of the German
Government, revamped its website with the
Information on Hub (lnfohub). The Infohub is an
online database comprised of financing
instruments for enterprises in Namibia. It is a
comprehensive, user-friendly tool with
individualised search criteria. FLI is liaising
continuously with all financial service providers in
the county to provide updated and relevant
information to keep Infohub’s information
sources updated.
An offline booklet version has been developed to
cater for business people without internet access.
Be sure to follow FLI’s Facebook page –
www.facebook.com/finlitnam – for more
information on where you can grab your booklet!
The Infohub was officially launched on 20
September, at the FLI house. The event was
attended by the Deputy Minister of Finance, a
representative of the German Embassy and GIZ,
the media, FLI Platform Supporters, and many
other stakeholders. Official speeches were
delivered and a theatrical play was performed by
a community group to showcase the need for the
Infohub. During the launch, GIZ handed over an
inventory to FLI in the form of laptops and office
furniture.
Businesses can find the right type of financing,
tailored for their business needs, by visiting the
FLI Website or getting the booklet from the FLI
offices. Both the website and the booklet are
updated every year to keep MSMEs informed on
new products/services available on the market. As
from the 2018/19 FY, FLI will be sending booklets
to the Regional Council offices, which will then be
distributed to the public to ensure that no one is
excluded from this valuable information and to
enhance financial inclusion of rural people. The
Infohub serves as a ‘one-stop-shop’ to help
enterprises identify appropriate financial support.
It is, therefore, a key milestone on Namibia’s way
to increasing access to finance.
Infohub
Hon. Natangwe Iithete, Deputy Minister of Finance, and Mrs
Stella Seibert-Palascino, Counsellor for Development
Cooperation, at the official launch of the Infohub, 20 Septem-
ber 2017.
27
Figure 1
Monthly number of Infohub clicks during the 2017/18 FY
The above figure indicates the number of monthly clicks for the Infohub. Since the beginning of the financial year, the
number of clicks began to steadily increase, but during the month of September, on account of the launch, they rose
significantly. However, after the launch they began to drop. During the 2018/19 FY, FLI plans to raise awareness about the
Infohub to ensure that MSMEs are aware of its vital information, and, consequently, we expect this awareness to increase
the number of clicks for the Infohub.
1 622 Total user clicks during the
2017/18 FY
38 Financial products / services
available on the Infohub by
March 2018
“We believe that financial education enhances individual’s capacity to do or seek financial advice for
better financial planning for their future, their families and communities. Financial literacy shapes the
attitudes and behaviour of Namibians around financial products and services.” – Old Mutual
28
Step-by-step guide on how to access the Infohub:
29
Financial capability plays a critical role in everyone’s life, regardless of age. The Financial Literacy
Initiative embarked on targeting the public, young and adult, to educate them on managing their
personal finance to aid them in avoiding financial stress in their lives. FLI believes that financial stress is
one of the hardest things for people to deal with, as it can cause enormous strain on relationships and
this leads to adverse effects on everything one does. We further believe that financial wellness is just
as important as physical wellness; hence, enhancing financial education for the public is crucial.
Our personal finance programme targets school-going children at pre and primary levels as well as our
Platform Supporters employees from the private and public sectors. We educate these groups of
people in such a way that they gain skills that will enable them to manage their resources with an
understanding that will lead them to good personal finance management, as well as enable them to
select the right product or services from available financial products and services that fit their needs.
Moreover, at FLI we believe that financial education should start at an early stage. This is the reason
our strategy places focus on children from as young as three years old. Generally, FLI’s programmes
and activities in the area of personal finance education focus on Early Childhood Development, Primary
Schools, Minimum Wage Earners, and the Financial Wellness at Workplace Programme.
Personal Finance
30
“Our kids are the future – they need to learn about Financial Literacy as early as possible.” – FLI Team
The Financial Literacy Initiative and its Platform Supporters have identified the pre-youth as an important
target group for financial literacy. Teaching children to make good financial decisions will allow them to
learn the advantages of paying down debt or avoiding it, and to focus on identifying good investment
opportunities that will give them good returns in the long run. FLI, in collaboration with the Ministry of
Gender, has developed a teacher’s guide and tool kit to be used by Early Childhood Development (ECD)
educators – these guides have been approved and await implementation. Furthermore, FLI has proposed
the introduction of corner shops at the ECD centres to introduce young children to the trading market.
During the period under review, FLI worked on the production of corner shop samples with the Namibia
University of Science and Technology’s (NUST) Architecture department. However, this process did not yield
positive results as the total expenditure for the production of the corner shops exceeded the budget.
Therefore, FLI opted to implement the educational manual only in the 2018/19 FY and to withdraw the
implementation of corner shops.
Early Childhood Development (ECD) – 3-5 years
The FLI Teacher’s Manual for Early Childhood Development.
31
Another target group that was identified by FLI are
children between the ages of 6-13 years. The earlier
students learn about debt, savings and credit, it is
less likely that they will struggle with debt in the
future and more likely that they become active and
productive participants in the state’s economy.
During the period under review, four educational
programmes were identified and tested through a
Randomised Controlled Trial (RCT) impact
assessment (pre- and post-) in the Khomas and
Otjozonjupa regions. Approximately 800 children
from nine different schools were interviewed in a
pre- and post-assessment, where some classes were
selected to serve as the control group – the control
group did not actually receive training. The data
collected was analysed during the 2017/18 FY and
among the four tested programmes, Sports for
Development scored the highest, making it the best
method for offering financial education to primary
school learners. In collaboration with the National
Institute for Educational Development (NIED); a
Directorate in the Ministry of Education, Arts and
Culture, FLI will incorporate Sports for Development
in the school curricula in order for it to reach
primary schools on a national level.
Data was analysed through the Statistical Package
for the Social Sciences (SPSS) and the following
criteria identified the best programme:
1. The Paired difference of the means of the
pre- and post-assessment should be greater than
that of the Control Group.
2. At least a 95% level of significance should be
achieved.
Primary Schools (6-13 years)
Table 5
Results of the four tested programmes for primary financial education
Paired Samples Test
Paired Differences T df P-Value
Sig. (2-tailed)
Mean Std. Deviation
95% Confidence Interval of the
Difference
Lower Upper
Control Group 7.46 9.47464 2.58741
12.33023 3.246 16 0.005
Adonai Trust 9.19 16.74229
0.58603
17.80221 2.264 16 0.038
My Bank 5.89 9.60732 0.95449
10.83375 2.530 16 0.022
School Bank 14.08 18.39848
4.62273
23.54198 3.156 16 0.006
Sports for Development
14.23 12.73156
7.71286
20.80479 4.618 16 0.000
The results from the table show that Sports for Development has the highest absolute difference in means and it is the
one that is highly significant since the P-Value (Sig. 2-tailed) for the Paired Sample T-test is 0.000, which is less than
0.05 at a 95% level of significance.
Sports for Development is a programme that enables financial literacy to be taught through sports clubs. It
aims at educating learners through fun activities and, at the same time, fostering social skills.
32
Financial stress can impact the workforce in
negative ways, such as reducing worker productivity
and increasing absenteeism. Employee’s financial
wellness is vital to all institutions – employees who
are better at managing their finances are less likely
to end up with financial woes.
The Financial Literacy Initiative used two approaches
for the training, namely, a repeated intervention
approach, where a trainer from FLI facilitates a
number of selected sessions to a group of
employees at a particular institution; and a ‘Training
-of-Peer Educators’ approach (Training of trainers
(ToT)), where FLI empowers officials from numerous
institutions to offer training to their staff members.
The trained Peer Educators conduct different
training sessions with their colleagues at their
respective workplaces.
The Financial Wellness Workplace Programme
(FWWP) aims at stimulating a culture of financial
disciplines among employees, and targets
employees in the public and private sectors. The
programme covers a range of topics that include the
following: savings, budgeting and spending,
insurance, borrowing, debt management, and
general financial management.
This programme has indicated significant changes in
the participants’ lives. However, due to limited time
at their workplace participants are unable to
dedicate full attendance of all the sessions. In the
new Strategic Plan (2018/19-2022/23), FLI has
reviewed ways to offer this training by reducing the
number of hours and topics to be covered. In
addition, FLI will focus more on capacitating Peer
Educators to educate their colleagues. It is
considered that this will bring more changes in
many institutions as Peer Educators will have more
power to influence managers in allowing people to
attend training in their institutions. And it is also
believed that many individuals prefer discussing
certain issues with people whom they are familiar
with. FLI hopes to reach and assist more employees
with their financial management through this new
plan.
Financial Wellness Workplace Programme
Table 6
Number of FWWP training courses conducted during the 2017/18 FY
Institution No. of training courses
conducted
No .of partici-
pants No. of sessions con-
ducted per institution
SoS 2 28 16
Letshego 3 45 24
Namfisa 1 15 8
Nedbank 1 16 8
Ministry of Finance 2 30 16
Total 9 134 72
The table above shows that a total of nine training courses were conducted at various institutions during
the period under review.
33
FLI also offers once-off training sessions, where FLI is invited by institutions to give guidance to their
employees on financial education. These sessions emphasised the importance of financial wellness for
individuals and their families.
Once-off Sessions
Table 7
Number of once-off training sessions conducted during the 2017/18 FY
Institution
No. of training sessions conducted No. of participant No. of hours
Electoral Commission of Namibia 1 50 2
Correctional Services 1 27 2
Nedbank 1 11 2
Office of the Auditor General 1 31 2
NUST Leadership Workshop 1 11 2
NAMPA 1 13 2
Namibia Football Association 1 10 2
NAMFISA 1 50 2
Ministry of Home Affairs & Im-migration 1 31 2
Business and Intellectual Property Authority (BIPA) 1 39 2
Okatyali Constituency 1 100 2
Okatana Constituency 1 120 2
Total 12 493 24
The above table shows a total number of twelve once-off training sessions conducted during the period
under review. In addition, during the 2017/18 FY, FLI had an opportunity to give training sessions to people
in two rural constituencies of the Oshana region – it was amazing to see how keen the elder people were
about the financial literacy training sessions.
34
Elders who attended a Financial Wellness Training session in the Oshana region.
“An employee’s financial wellness is as important as his/her physical wellness.” – FLI Team
35
Namibian Students Investment Challenge (NSIC)
44 Groups of students entered the
challenge during the 2017/18 FY
The Namibia Stock Exchange (NSX) undertook the
Namibian Students Investment Challenge (NSIC)
competition programme with secondary schools for
almost 15 consecutive years. However, the
competition was stopped due to several
unforeseeable circumstances. In 2017, FLI partnered
with AIESEC Namibia to hold a series of meetings
with students from various universities in Namibia to
understand their thoughts and views on the NSIC
competition.
After successful discussions with the university
students, FLI and AIESEC met with the Namibia Stock
Exchange to recommend the re-launch of the NSIC
competition for university students. This led to the
re-launch of the competition, with the last
competition having been held in March 2017. The
aim of the NSIC competition is to create awareness
amongst students and the general public on the role
and operations of the Namibian capital market,
whilst aiming to encourage broad-based
participation by the Namibian public. And,
additionally, the NSIC competition aims to give them
an understanding of commercial dynamics and the
macro-economic environment through a fun and far
-reaching educational programme. Each
participating team was credited with a fictitious
amount of N$ 500 000.00 to buy shares with. The
competition was in session from March 2017 until
August 2017, and 44 groups of students from local
universities took part. Progress evaluation was done
during the period under review, and three
successful teams were allocated the following
prizes:
1st Prize: N$ 25 000.00
2nd Prize: N$ 20 000.00
3rd Prize: N$ 10 000.00
The winners were from the University of Namibia
(UNAM) and the International University of
Management (IUM), and prizes were distributed
among the team members. This competition will be
an annual event for the NSX to allow students to
gain invaluable experience in investment, as well as
gain useful knowledge that complements their
studies in subjects such as Commerce,
Accounting, and Economics. Furthermore, the
competition offers students the opportunity to work
as a team, using their combined research skills to
investigate listed companies, giving them the
opportunity for valuable insights into the workings
of the financial market. We also believe that the
NSIC competition will encourage students, lecturers,
parents, and the public at large to become more
aware of the Namibian Capital Market. This will
ultimately lead to wider participation and it will lay a
foundation for the long-term sustainable growth of
the domestic capital market.
36
First Prize winners: UNAM students.
Second Prize winners: UNAM students. Third Prize winners: IUM students.
Namibian Students Investment Challenge Winners
2017 NSIC prize-giving event at the Country Club,
Windhoek.
37
The Financial Literacy Initiative aims to increase financial literacy amongst Namibians through a variety of
outreach and educational campaigns. During the 2017/18 period a number of outreach activities were
undertaken, ranging from trade fairs, media activations, radio campaigns, public talks, to visits on the
breakfast show on NBC TV - Good Morning Namibia. The purpose of these educational campaigns was to
create platforms that allowed FLI to interact with the public and to share financial educational materials on
different financial topics such as savings, responsible spending, investments and budgeting.
The following section provides an outline of the key outreach activities and education campaigns conducted
in the 2017/18 FY. These activities and campaigns were undertaken as a result of good partnerships
between organisations from national and local government agencies, financial institutions and education
providers.
Outreach Activities
Radio Campaigns
The Financial Literacy Initiative also uses radio to reach audiences countrywide. The FLI Fin Fit radio show
aims to increase financial awareness, responsible financial behaviour, and finance-related knowledge of
individuals. The shows are targeted at individuals aged between 18-35 years and are aired on popular
Namibian radio stations such as Fresh FM, Energy 100 FM, and Radiowave 96.7 FM
272 Shows were aired on
Fresh FM, Energy 100 FM
and Radiowave 96.7 FM
during the 2017/18 FY
38
TV Campaigns
Good Morning Namibia is a show hosted by NBC
Television, from Monday to Friday. FLI visits Good
Morning Namibia often, to discuss different topics
on financial management and important FLI events.
The following are some of the topics that were
discussed during the period under review:
Household Financial Management, Borrowing to get
out of Debt, Being a First Year Student and
Managing Personal Finances, Financial Management
Training for SMEs, Women’s Conference, and First
Namibia Start-up Festival. In addition, FLI also use
Business Today’s TV programme to educate the
nation on various financial topics.
15 Television interviews
were attended during
the 2017/18 FY
Public Talks
Public talks are held on a monthly basis. They maintain a good testimony of educating the public and
creating platforms for businesses to streamline their financial capabilities. The public talks are designed to
educate the public on different financial matters, with an ultimate purpose of nurturing FLI’s vision and
objectives. The public is invited to public talks through receiving an SMS on their mobile phone, posts on
social media, and invitations on the FLI noticeboard.
One of 2017’s public talks.
9 Public talks were
conducted during
the 2017/18 FY
39
Table 8
Monthly public talks held during the 2017/18 FY
Month Topic Discussed No. of participants
April
Savings Cooperatives and Credit
Cooperatives
25
May
Retirement Options/Pension
Funds 40
June Investment 36
July Insurances 35
Aug Fraud Awareness 25
Sept Value Added Tax (VAT) 26
Oct Budgeting 38
Nov Spend Wisely this Festive Season 20
Feb Borrowing 4
Total 249
The above table shows the number of public talks conducted during the 2017/18 FY. These monthly public
talks are only conducted in the Khomas region, at the FLI offices. The attendance is sometimes not
overwhelming as sessions are usually conducted during working hours. FLI is working on finding a suitable
time to accommodate the majority of the public for these important discussions.
Every year, FLI media team constructs monthly
themes which aid FLI staff members in finding easier
ways to talk about the strategy of the FLI. These
themes are drawn up parallel to conditions relevant
to time, more specifically for guidance on issues that
are to be discussed with the public. For example,
June FLI discussions are based on tax because, dur-
ing this time, people are required to submit their tax
returns.
Date Theme
April Infohub
May Start-up Festival
June Start-up Festival
July Invest Wise
August FLI Savings Club
September Holiday Campaign
October Save Wise
November Spend Wise
December Budget Wise
January Financial Stress Management
February FLI Birthday & Women's Conference
March FLI Birthday & Women's Conference
Monthly Themes
40
Media Activations are held often and in various places. The aim of Media Activations is to create
awareness about FLI, and to promote financial literacy by engaging the public in different financial topics
such as savings, responsible spending, and budgeting. FLI also uses this platform to inform the public about
monthly public talks, and upcoming events and training. FLI hosted Media Activation at the Khomasdal
Grove Shopping Mall, at the FLI offices, and many other venues, as listed in the table below.
Media Activations
Table 9
Number of Media Activations held during the 2017/18 FY
Month Media activation event No. of participants
April National Youth Week 30
April Khomasdal Grove Mall 100
May
10th Ministry of Education
Sports Event 250
June FLI Offices 80
July
The Namibian Chamber of
Commerce and Industry
(NCCI) Women’s Conference 50
Aug IUM Entrepreneurship Day 100
Sept Rehoboth Trade Fair 150
Sept GIZ Wellness Day 30
Oct SWAITEX 400
Oct World Saving Day 150
March FLI’s 6th Birthday 19
Total 1359
The above table shows that a total number of eleven media activations were conducted during the
period under review.
41
Media activation at the Khomasdal Grove Shopping Mall, Windhoek.
11 Media activations were held during
the 2017/18 FY
42
The Ministry of Education, Arts and Culture hosted its tenth annual sports event in Mariental, which
brought together teams of various sport disciplines from all ministerial offices in the regions.
The Financial Literacy Initiative supported this event by giving educational talks on how to manage personal
finance to employees from the different ministries, and by using FLI’s stall as a platform to raise and
strengthen awareness on the importance of financial literacy. FLI also sponsored the event with 370 bottles
of water for the participating teams. During the course of the week, 10-12 May 2017, the FLI stall was
visited by a number of participants and spectators who admitted to having troubles with managing their
finances. FLI’s attendance was indeed purposeful, judging by the confident individuals who left the stall with
a vow to improve their financial behaviour.
10th Ministry of Education Sports Event
Sports participants listening to the FLI staff. Booklets that were distributed by the FLI staff.
43
In partnership with NCCI, FLI held its second Women’s Conference at Hotel Zum Kaiser, Swakopmund, on 13
July 2017. This event was aimed at empowering women entrepreneurs and women dealing with finances in
the corporate industry.
The discussions during this conference focused on how women can better manage their finances by looking
at various topics presented by the invited speakers. Topics such as obstacles women face in managing their
finances, financial stress in the workplace, how to balance life, work and business, and others were
discussed. The invited speakers encouraged the women to work hard so that they can be successful in
managing their finances.
The Namibia Chamber of Commerce and Industry (NCCI)
Women’s Conference
Participants of the NCCI Women’s Conference in Swakopmund, July
2017.
National Youth Week
In April 2017, FLI hosted an interactive session with a group of young people from Young Achievers as part
of the Youth Week Celebration. The audience was separated into different groups and discussions on the
importance of developing a savings culture were held.
44
The International University of Management (IUM) commemorated World Entrepreneurs Day on 21 August
2017 at the university’s main campus in Dorado Park, Windhoek. The event was well attended by students
as well as local and international entrepreneurs. The purpose of celebrating World Entrepreneurs Day (WED)
is to create awareness of entrepreneurship, innovation and leadership among Namibians.
FLI was invited by IUM to have a stand, giving FLI staff members the opportunity to educate the students on
financial matters and distribute educational booklets.
IUM Entrepreneurship Day
Booklets that were distributed by FLI during the IUM commemoration of
World Entrepreneurs Day.
Swakopmund International Trade Expo (SWAITEX)
The Financial Literacy Initiative participated in the Swakopmund International Trade Expo (SWAITEX) from
11-14 October 2017 in Swakopmund. Members of the public visited the FLI stand to interact with the FLI
team and a lot of educational and promotional material was distributed.
Children busy drawing their saving plans during the Swakopmund International Trade Expo.
45
Rehoboth Trade Fair
Rehoboth hosted its annual trade fair from 21 to 23 September 2017. FLI participated in the fair to display
and present its educational materials and to interact with the public on financial topics.
GIZ Wellness Day
The GIZ held its Workers Wellness Day on 21 September 2017 to educate the workers on financial
education. FLI staff distributed books and pulled credit records for the GIZ staff.
FLI’s 6th
Birthday
The Financial Literacy Initiative is growing in terms of its team and Platform Supporters, and, above all, the
initiative entered its sixth year on 15 March 2018. FLI’s sixth birthday was celebrated on 15 March 2018 at
the FLI offices. The celebration aimed at reflecting on FLI’s achievements over the past six years and
expressing gratitude to partners for their continued support. FLI also used the opportunity to present its
first five-year strategic plan (2018/19 -2022/23) to the Platform Supporters. The birthday celebration was
attended by numerous representatives from FLI’s Platform Supporters and the media. Speaking at the
event, FLI Manager Francois Brand highlighted the importance of a collaborative approach to inclusive
financial education.
Mr Francois Brand, FLI Secretariat Manager, presenting FLI’s
five-year Strategic Plan (2018/19-2022/23).
Birthday gifts for FLI staff from Trans Union.
46
World Savings Day
The Financial Literacy Initiative celebrated World Savings Day on 31 October 2017 at the Rundu Trade Fair.
The celebration was aimed at increasing awareness amongst all Namibian citizens on the importance of a
saving culture and the crucial role it plays on the financial stability of all households as well as enterprises.
FLI dedicated the day to the recognition of the important role that savings plays in enhancing personal and
household financial security. FLI feels that saving money should be a national responsibility all Namibians
share because it makes people more financially secure, and enables them to create a safety net in case of
financial emergencies.
As saving increases personal prosperity, economic growth will increase at a national level, which, in the long
run, will benefit society and the country as a whole. On this day, FLI encouraged people to develop the hab-
it of saving.
47
Social Media Overview
The Financial Literacy Initiative makes use of social media platforms to allow the public to engage in
financial literacy topics.
The Financial Literacy Initiative uses Facebook to disclose information about its various activities such as up-
coming training, public talks, and general awareness creation.
Figure 2
Number of Facebook fans during the 2017/18 FY
The above figure depicts the monthly number of Facebook fans for FLI’s Facebook page during the period
under review. According to the figure, the number of FLI Facebook fans increased slightly throughout the
year.
Below are the overall figures for FLI’s Facebook page as at year-end – 31 March 2018.
8 796
Overall Facebook
followers by March
2018
8 054
Overall Namibian
Facebook followers
by March 2018
34 % Growth rate
48
The Twitter account is used for interacting with the public and is also a platform for engaging
prospective participants in various activities under the FLI mandate.
Figure 3
Number of Twitter followers during the 2017/18 FY
The above figure indicates the number of followers on FLI’s Twitter page for the recorded months. During
the period under review, the number of followers on FLI’s Twitter page increased.
Below are the overall statistics for FLI’s Twitter page as at year-end – 31 March 2018.
1 209 Overall Twitter followers
by March 2018
870 Overall Namibian Twitter
followers by March 2018
NOTE: The information for FLI’s Twitter page only presents data that was recorded. The missing data was
unable to be captured due to a lack of staff and, unfortunately, the Twitter system cannot retrieve preceding
information.
49
YouTube
Figure 4
Number of videos uploaded on YouTube during the 2017/18 FY
The above figure shows the number of videos uploaded by FLI on YouTube during the period under review.
During the 2017/18 FY, FLI only uploaded ten videos throughout three months, totaling 201 views.
10 YouTube videos on various
financial topics uploaded
during the 2017/18 FY
201 Total YouTube views of the
uploaded videos during the
2017/18 FY
50
The Dynamic Mobile Solution (DMS) is a platform that FLI uses to inform and educate the public about
finances.
By sending SMSs, FLI invites individuals to public talks and other important events.
SMSs
Table 10
Number of SMSs sent during the 2017/18 FY
Month SMSs sent
April 2188
May 90 994
June 43 565
July 2 149
Aug 8598
Sept 6 752
Oct 20 935
Nov 7 850
Dec 172 124
Jan 23 736
Total 378 891
The above figure highlights the number of SMSs sent during the period under review. December recorded
the highest figures for both SMSs sent and responses.
NOTE: Due to the contract expiry of the service provider, no data was recorded for February and March
2018.
The overall statistics are presented below.
378 891 SMSs sent during
the 2017/18 FY
1 302
SMS responses
during the
2017/18 FY
51
The aim of the Website is to share information about the Financial Literacy Initiative and its activities. It
provides both individuals and entrepreneurs with information on personal financial management and
business financial management. It is important to highlight that the Website displays a positive progression
of page viewing and subscriptions.
WEBSITE Subscribers
Figure 5
Number of FLI Website clicks and subscriptions during the 2017/18 FY
As indicated in the figure above, the FLI Website received a lot of clicks during the period under review. The
number of subscriptions also increased, but then started to drop dramatically towards the end of the
financial year.
Below are the total numbers of Website clicks and subscriptions.
39 843
Total Website
clicks during the
2017/18 FY
2 368
Total Website
subscriptions during
the 2017/18 FY
52
Publications
Print Media
11 Newspaper articles
were published
during the 2017/18
FY
80 000 FLI educational
materials were
distributed during
the 2017/18 FY
20 000 FLI promotional
items were
distributed during
the 2017/18 FY
During the period under review, FLI distributed 100 000 educational and promotional items to the
public.
53
Publications printed during the 2017/18FY
The objective of this booklet is to create
awareness for the Namibian public about different taxes, when and why they need to be paid, and payment procedures.
The Invest-wise booklet aims at educating
the public on different investment options, helping them to make the right decisions on investment products.
The Infohub booklet , About FLI flyers, and the Customer Service Charter were also published during the 2017/18 FY.
In order to provide the public with all the necessary information to help them make the right financial deci-
sions, the following publications were printed during the period under review:
54
Research Collaboration with Universities
The Financial Literacy Initiative Secretariat was directed by its Platform Supporters to focus on re-
search in the areas of financial literacy in Namibia. This research will serve as an important tool to assess
the levels of knowledge Namibians hold on financial wellbeing, and products and services. FLI believes
that research on financial literacy topics will increase the availability of information in the financial sector,
thus benefitting students, policy makers, researchers, and society as a whole. FLI is committed to sourcing
recognised universities that are interested in researching different financial situation topics, which will
contribute to the on-going development of financial education.
Local universities were approached through their management by FLI to emphasise the importance of
conducting research on financial literacy topics. The process is moving at a slow pace as universities find it
hard to commit to the activity due to their busy schedules.
During the period under review, FLI managed to collaborate with NUST on the following research pro-posal topic: Causes of Overspending in Namibia. NUST has submitted the final proposal; once the proposal is approved by FLI, it will be attached to the MoU and NUST will commence with data collection and other processes during the 2018/19 FY.
Research
Monitoring & Evaluation (M&E)
The monitoring and evaluation framework describes the indicators that are used to measure whether FLI’s
programmes are successful. FLI has an M&E framework which is updated monthly to keep track of data
that will enable the performance of evaluation. This M&E framework serves as a guideline to the FLI team
and the Platform Supporters. The collected data is presented in various reports to inform the team and
Platform Supporters on the programme’s progress.
In the quest to determine the impact of different interventions, FLI carries out a series of impact
assessments to measure the impact FLI’s programmes have made or will make on Namibians. The impact
assessments conducted by FLI were for pre- and post-assessment.
During the period under review, FLI conducted five impact assessments, one for primary schools and four
for the training programmes, to investigate the impact of training on participants. The assessments were
made on pre- and post-examination, at different time intervals.
Impact Assessments
The objectives of impact assessments are:
To evaluate the impact that FLI training is having on participants; and
To evaluate the best programme to offer financial education at the primary school level.
55
The following programmes were assessed during the 2017/18 FY (data was analysed during December
2017 and reports were shared with Stakeholders and Platform Supporters):
Financial Wellness Training
The Financial Wellness Assessment was conducted to assess the level of knowledge participants hold
regarding their personal finances, and to evaluate the impact of the training conducted by FLI. The results
showed that personal finance and behaviour of participants improved from 14.81% to 33.31% after FLI
training.
Minimum Wage Earners
The Shack Dwellers Foundation, one of the several organisations that co-operates with FLI, took part in
Training of trainers through the Minimum Wage Earners project. The assessment proved a positive
improvement in financial knowledge and behaviour of participants, showing an increase from 38.23% to
66.25%.
Micro Entrepreneurs Simulation-based Training
The knowledge level of micro entrepreneurs regarding finance was assessed and evaluated to measure
the impact of FLI training by looking at the differences between pre-test and post-test results. The results
show that financial knowledge and behaviour of participants has improved from 24.20% to 36.57%.
SME Simulation-based Training
The aim was to assess the level of knowledge of SME entrepreneurs regarding finance, and to evaluate the
impact of FLI training by looking at the difference between pre-test and post-test results. The results show
that the Simulation-based Training programme has been effective in improving the financial knowledge
and behaviour of SME entrepreneurs, with an increase from 22.69% to 30.16%.
Financial Education for Primary School Learners
The Financial Literacy Initiative team piloted four different education programmes in primary schools in
the Khomas and Otjozonjupa regions. The aim was to find the best programme with which to offer
financial literacy in primary schools. The results were assessed and the Sports for Development Club
Programme was founded to generate the best learning outcomes. In collaboration with the National
Institute for Educational Development (NIED); a Directorate in the Ministry of Education, Arts and Culture,
FLI will incorporate Sports for Development in school curricula to increase the scope of financial education
to more schools on a national level.
56
As the guide towards understanding, research plays
a major role in financial literacy by identifying areas
of concerns and measuring improvements. The
2017 National Financial Capability Survey (NFCS)
assessed financial literacy levels of Namibians over
a period of four years. The study shows favourable
outcomes compared to the 2013 Financial Literacy
Baseline Survey (FLBS). The 2017 NFCS results show
that the current financial literacy of Namibians is
52.94 % (an increase of 10%), compared to the
previous study (2013 FLBS) which recorded the
results as 42.75%. This is an achievement for our
national targets, specifically for the Namibia
Financial Sector Strategy (2011-2021) which is
aimed at increasing financial literacy. Financial
literacy is good for development as financially
literate people are more likely to make good
personal and business choices.
The 2013 FLBS highlighted that the financial
behaviour of Namibians is a concern when
compared to their financial knowledge.
FLI worked hard to address the issue of poor
financial behaviour among Namibians, specifically
its effects on individuals, their families, and society
as a whole. Accordingly, during the year 2017, FLI
educational sessions were based more on
educating people to change their financial
behaviour. The 2017 NFCS shows positive results in
this area, where Namibians scored 50.77% for
financial behaviour compared to 32.26% in the
2013 FLBS. This is an indication that FLI and its
Platform Supporters and Stakeholders are pushing
towards the country vision to create a
wealth-creation nation that will benefit society in
the long run.
Although the results show positive changes, FLI will
continue to expand its educational targets and
continue to discover better ways to enable FLI to
reach every corner of the country with financial
education. FLI’s wish is that “no one should feel left
out of financial education”, regardless of age,
occupation, educational level, or geographical
location.
National Financial Capability Survey (NFCS) 2017
Asset Management
During the period under review, FLI developed a well-structured assets register. All assets in the FLI
building were allocated special codes according to every office in order to control the assets in these
offices.
Secretariat Meetings
According to the MoU, FLI is entitled to host certain meetings throughout the financial year. These
important meetings include Annual General Meetings, Strategic Workshops, Action Group Meetings, and
Executive Committee (ExCo) meetings. All stipulated meetings were conducted within the period under
review to inform the Platform Supporters on the progress of implemented projects.
57
The Financial Literacy Initiative hosted its Annual
General Meeting (AGM) on 18 August 2017 at the
House of Democracy in Windhoek. The AGM
agenda was for FLI to give an update to the
Platform Supporters on FLI’s activities and projects
undertaken during the period under review. During
the AGM, the attendees also elected the Executive
and Tender Committee members to serve for the
2017/18 financial year.
FLI is really improving individuals’ lives, as was
proven by the following people who gave their
testimonies during the AGM:
Sr Hileni Samuel, a previous FLI training
programme participant, shared her journey of FLI
steering her towards success. She highlighted the
important role FLI played in understanding her
business finances, and the exposure FLI offered her
to different stakeholders who could potentially
invest in her business.
Mr Roel Rutgers, the winner of a business bank ac-
count worth N$ 75 000 during the 2017 Start-up
Festival pitching competition ‘ADDventure’ – cour-
tesy of the European Investment Bank, shared his
experience of the festival. Mr Rutgers expressed his
appreciation for the platform FLI created through
hosting the Start-up Festival, which gave him an
opportunity to move forward with his business.
Annual General Meetings
Sr Hileni Samuel sharing her journey with FLI during the 2017 AGM.
The Deputy Director for the Ministry of Finance, Mr Penda Ithindi, indicated during his welcoming address
that FLI has a sustainable and independent financing model by attaining contributions from the public and
private sectors through amicable relationships with the Platform Supporters.
Platform Supporters who attended the 2017 AGM.
58
The Financial Literacy Initiative welcomed 2018 by hosting the Strategic Workshop from 16 to 17 January
2018 at the River Crossing Lodge in Windhoek. The workshop was attended by the FLI team and the
Platform Supporters. The facilitator was Mr Isaki Lungu, and the participating group had the opportunity
to be groomed by an international expert in financial literacy, Mr Shaun Mundy. The aims of the workshop
were to review the 2015/16-2017/18 Strategic Plan for the Platform Supporters to ensure that FLI is
delivering according to the expectations stipulated in the Strategic Plan, and to develop a new five-year
Strategic Plan (2018/19-2022/23). The new Strategic Plan will focus more on the following projects:
Adults, Youth, MSMEs, and Media. These focus projects derived from the recommendations that were
made by FLI’s Stakeholders and Platform Supporters during this Strategic Workshop.
Strategic Workshop
FLI Retreat Workshop
The Retreat workshop took place from 18 to 19 January 2018 at the Out of Nature Country Lodge,
Windhoek. It was attended by the FLI team and Mr Shaun Mundy. The retreat looked at the discussions
that were held during the Strategic Workshop. During the Retreat workshop, the FLI team, under the
guidance of Mr Mundy, drafted the five-year Strategic Plan (2018/19-2023/24), which included the inputs
from the present Platform Supporters. The five-year Strategic Plan was presented to the Platform
Supporters in February 2018, and was approved by them for implementation at the start of April 2018.
During this session, the FLI team had the opportunity to discuss office matters in terms of duties and the
working environment.
Left and right: FLI staff and Platform Supporters during the strategic workshop, January 2018 at River Crossing Lodge in
Windhoek.
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Conclusion
All Namibians, regardless of their income and level of highest education attained, need to be able to
evaluate the choices available to them in the financial market-place, and to understand the implications of
their financial decisions in order to build secure financial futures. In order to make better-informed personal
and business financial decisions, Namibians were supplied with the relevant information to increase the
financial management skills that can drive them towards reaching their goals in life. During the 2017/18
financial year FLI accomplished the education and empowerment of Namibians, and this has been proven by
the assessments that were conducted during the period under review. FLI is, and will continue, working
together with its Platform Supporters in finding opportunities to integrate financial capability into existing
programmes and services, and to align them with our national plans to attain set targets that will benefit
our society socially and economically.
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References
Financial Literacy Baseline Survey 2013
National Financial Capability Survey 2017
Monitoring and Evaluation Reports 2017/2018
FLI Monitoring and Evaluation Framework
Acknowledgements
The Financial Literacy Initiative would like to acknowledge its team, and all Platform Supporters and Stake-
holders for their invaluable contributions towards the publication of this report.
FLI is a national platform that enhances financial education of MSMEs and individuals in Namibia.
The FLI Secretariat is hosted under the Directorate of Economic Policy Advisory Services (EPAS) at the
Ministry of Finance.
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The Financial Literacy Initiative would like to acknowledge all our Platform Supporters for their
invaluable contributions towards the new strategy.