September 30, 2003
By Tshepiso Mogotsi
FREE financial literacy classes tackling money management and entrepreneurial skills are to be offered by the City of Johannesburg to local street traders.
The project aimed at empowering the traders, launched on Monday 29 September, is run at the CIDA City Campus in Commissioner Street, in the centre of the city, and is funded by the City of Johannesburg to the tune of R110 000.
More than 500 street traders, who rent stalls at the various metro trading centres around the town, are expected to benefit from the classes. "The traders will find help in managing their budgets," said mayoral committee member responsible for finance, strategy and economic development, Parks Tau.
"Understanding money matters is one of the most difficult challenges facing our communities," Tau added.
CIDA, the Community and Individual Development Association, is an organisation established in 2000 to help disadvantaged learners gain an education, some at tertiary level. The association runs short courses as well as degree programmes. It currently has 1 600 learners studying towards a business degree. All the CIDA learners are on scholarships, with the City of Johannesburg sponsoring 20 learners.
The financial literacy courses, which began at the weekend, will be taught by CIDA students and will target three crucial areas of financial management: money management, financial skills and entrepreneurship.
CIDA's students-turned-lecturers have been fully prepared for their task, with presentations from financial and business experts from First National Bank, African Bank, Umsobomvu Youth Fund and Deutsche Bank.
The training programme is an extension of CIDA's "Positive Youth Revolution" where students return home during holidays to share their knowledge with their communities, said the chief executive officer of CIDA City Campus, Taddy Blecher.
The courses will be presented in several different languages so that those attending will be able to follow the information in their mother tongue.
Announcing the R110 000 grant towards the project, Tau said the partnership between the City of Johannesburg and CIDA conformed to the City's commitment to address the skills shortages faced by business.
"The only way in which to become a key player in addressing the demand for skills, is to forge strategic partnerships with those already leading the way. The City alone cannot meet this huge challenge."
One of objectives of the City's 2030 vision was to work closely with higher education institutions, Tau said, adding that the City was proud to be associated with CIDA.
Depending on its success, CIDA and the City of Johannesburg will consider rolling out the financial literacy programme to other groups, like taxi drivers or youth groups, who would benefit from such knowledge.
During the launch of the financial literacy programme several CIDA students received awards honouring their exceptional community involvement. The awards, the brainchild of the Mayor of Johannesburg Amos Masondo, were given to: Sibongile Mndebele from Duduza on the East Rand; Hloni Modise of Alexandra; and Thivhonali Netswinga from Venda in the province of Limpopo. Each received R1 500. Two groups, Bees Consulting and the Street family, also received a cash prize, courtesy of the mayor for their community efforts.
For more information on the financial literacy programme call the Metro Trading Company on 011 833 7344 or City's economic development unit on 011 407 7144.
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