The Finance Officer, CPA Jared Rading' (left), and the Vice Chancellor- Tom Mboya University, Prof. Charles Ocholla (far right), issue a certificate to a participant.
The Finance Department is at the forefront of championing financial inclusion in the informal sector through financial literacy grassroots campaigns targeting small-scale business operators along the Lake Victoria region in Usenge Beach and Homabay Market. These campaigns, which took place from 27 to 30 May 2024, are aimed at educating the public on appropriate measures to enhance their financial wellness and build their capacity to access funds for enterprise development to empower the informal sector workers. The team was led by the Finance Officer, CPA Jared Rading'.
Giving an overview of the financial literacy campaign, CPA Rading’ noted that financial literacy poses significant challenges to informal sector workers' financial security and growth potential. According to the Finance Officer, a staggering number of individuals in the informal sector lack the fundamental knowledge needed to make informed financial decisions. Therefore, this informed their decision to bridge financial literacy gaps to foster economic resilience.
The Finance Officer, CPA Jared Rading' making a presentation during the training.
Further, he presented on ‘Financial Management’ where he extensively discussed the fundamental components of financial management including Financial Planning, Budgeting, Risk Management, and Investment.
“Making steps towards becoming financially prudent requires you to put into practice the knowledge you have attained from this training. This will enable you to make informed decisions about how to effectively use and manage your financial resources,” stated CPA Rading’.
During a training session held at Tom Mboya University in Homabay County, Prof. Charles Ochola (Vice Chancellor), applauded MMUST for its efforts to tackle the financial literacy crisis, adding that by fostering a culture of learning and collaboration, we are well-positioned to create a more inclusive environment where everyone.
“Individuals with limited financial literacy are more susceptible to a myriad of financial drawbacks. We look forward to working jointly with MMUST in such initiatives to transform communities,” assured Prof. Ochola.
The Vice-Chancellor- Tom Mboya University, Prof. Charles Ocholla addressing participants at the training.
Presenting on ‘Personal Finance, Bookkeeping, and Savings,’ CPA Michael Lung’ayia urged the participants to keep a clear record of their monetary business transactions. “Keeping accurate and up-to-date records is very important for the success of your business. Good records help you to minimize losses, and avoid excessive debt, insufficient savings, and poor investment decisions. I encourage you to practice record keeping,” stressed CPA Lung’ayi.
CPA Michael Lung’ayia presenting during the training.
This activity is part of the Corporate Social Responsibility (CSR) which the University utilizes to impact communities. The Finance Department utilized its staff expertise and certified experiences in financial management to educate individuals in the informal sector. The other staff members involved in this exercise included CPA Patrick Kivale, CPA Fred Onaya, Mr. Benard Wesonga, Mr. Joseph Kituyi, and Ms. Joan Obilo.
Attesting to the resourceful nature of the training, Ms. Jackline Adoyo, a Fishmonger at Usenge Beach thanked the University for endeavoring to transform their livelihoods through financial education.
“We have never been trained before. It is the first time we have had an opportunity to learn about managing our finances. The greatest challenge we experience as small-scale business operators is financial management, and this training is a turning point for us. MMUST has come in handy to uplift our businesses and livelihoods,” stated Ms. Adoyo.
A section of the participants at Tom Mboya University.
Concurring with her counterpart, Mr. Evans Amollo, one of the leaders of Homabay Market applauded the team from MMUST for the enriching knowledge they shared with them.
“As fishermen of Homabay County, we are privileged to have undergone this training. We are so honored that you have awarded us certificates of participation that we can use to seek registration for our self-help groups. Certainly, we are well-placed for financial growth courtesy of this training,” said Mr. Amollo.
A section of participants at the training in Usenge Beach.
Indeed, this initiative reflects the commitment of MMUST to elevate Financial Literacy in the informal sector.
By Linet Owuor
