20 Sep 2017 17:40pm
WINDHOEK, 20 SEP (NAMPA) The Financial Literacy Initiative (FLI) on Wednesday launched its information hub, an online database of all available financing instruments for entrepreneurs and Small and Medium Enterprises (SMEs).
The InfoHub can be accessed via the FLI website.
Deputy Finance Minister, Natangwe Ithete said during the launch it will bridge the information gap which makes it challenging for entrepreneurs, especially SMEs to access finance.
This information hub strengthens the links between financial access and financial inclusion by bridging the information gap and promoting rational decision-making on the part of entrepreneurs, Ithete said.
He explained that it will also enable them to acquaint themselves with the eligibility requirements and to make appropriate decisions based on the best available information.
Stella Seibert-Palascino of the German Development Cooperation said more information regarding financial products in Namibia needs to be shared as the lack thereof is disturbing economic sustainment.
She said many businesses in Namibia encounter a serious lack of information regarding access to finance and one of the reasons identified in this regard is that it is difficult for them to get a comprehensive and up-to-date overview of all the available funding opportunities.
Deputy Director of Finance Education and Consumer Protection in the Ministry of Finance, Francois Brand said that there are many other opportunities available, be it in the public sector like through the regional councils or private funding in the form of grants and equity, which those in need of financial services are not aware of.
Some of the products Brand referred to are among others the Development Bank of Namibia, Nedbank, Old Mutual Foundation and Ministry of Gender Equality and Child Welfares Income Generating Activity Grant.
The FLI was officially launched by the Ministry of Finance on 15 March 2012 as a national platform comprising more than 30 partner institutions from the Namibian public, private and non-profit making sectors and is dedicated to educate the public on financial matters including consumer protection.
The German Development Cooperation, which has been funding the initiative, also donated equipment valued at close to N.dollars 100 000 to the ministry for the hub.