Masinde Muliro University of Science and Technology (MMUST), through its Finance Department, held a highly impactful training session on effective financial management and bookkeeping for ‘mama mbogas’ (small-scale traders) in Busia County. This initiative aimed at enhancing financial literacy among the local entrepreneurs, was hosted at Linston Hotel-Busia County, on 6th and 7th March 2025. The training saw over 100 small scale traders from various parts of the region gather to learn essential skills for managing their finances, recording transactions, and ultimately growing their businesses sustainably. The comprehensive and hands-on training was steered by the Finance Officer, CPA Jared Rading’.
The Ag. Deputy Vice Chancellor (Planning, Research and Innovation), Prof. Peter Bukhala addressing the participants.
The event was officially opened by the Ag. Deputy Vice Chancellor (Planning, Research and Innovation), Prof. Peter Bukhala who emphasized the importance of financial education among small scale traders for economic sustainability. “A strong understanding of financial management is key to the growth and sustainability of your businesses. You are privileged to have such training from MMUST’s experts. We are committed to walk the journey with you, therefore ensure that you implement the skills you will attain from this training,” urged Prof. Bukhala, adding that the initiative aligns with MMUST’s commitment to fostering community development.
The Finance Officer, CPA Jared Rading’ taking the participants through Business Planning.
In his presentation, CPA Rading’ emphasized the importance of proper financial management for business success. “As small-scale entrepreneurs, most of you face challenges such as mismanagement of funds, lack of proper record-keeping, and poor financial planning. This training aims to equip you with practical skills that will enable you to not only track your daily earnings but also plan for future growth,” he explained. The training covered a range of topics critical to small businesses, including budgeting, cash flow management, income and expense tracking, and understanding basic financial statements such as income statements and balance sheets. The traders were introduced to simple yet effective bookkeeping techniques tailored to their business daily operations.
Ms. Joan Obilo presenting a certificate to one of the participants.
The other members of the Finance Department who participated in the training included Mr. Fred Onaya (Senior Accountant), Mr. Joseph Kituyi (Accountant Assistant), Ms. Betty Matiangi (Accountant), Ms. Maria Mtimba (Senior Accountant), Ms. Faith Wamalwa (Accountant Assistant) and Ms. Joan Obilo (Secretariat).
Members of staff from the Finance Department at the training.
“For years, I have been running my business without proper record-keeping,” said the Chairperson of Soko Market- Ms. Eunice Amuko. “Thank you MMUST for endeavoring to empower us. This program is truly an eye opener to us. We have learnt about the importance of keeping accurate financial records. We now understand how to track our sales, control our expenses, and even plan for future growth. Our businesses are going to be transformed courtesy of this training,” she added.
A section of the Traders display their certificates after the training.
The event concluded with the award of certificates to all participants, marking the successful completion of the training. The Finance Department is committed to continuing with this initiative to support the growth of local businesses and foster financial independence in the community.
A participant receives a certificate from Mr. Joseph Kituyi.
The importance of this training cannot be overstated. This group of traders, who form the backbone of Kenya’s economy, often face challenges in managing finances due to lack of formal education regarding financial practices. Certainly, this training aligns with MMUST’s broader mission of contributing to local and national development by fostering entrepreneurship, and financial empowerment which will eventually bridge the knowledge gap.
By Linet Owuor
