Empowering Female Entrepreneurs: Financial Wellness Masterclass in South Africa
PRETORIA, South Africa – In an inspiring move towards economic empowerment, The Transformation Legacy, in collaboration with Coface South Africa, recently hosted an enlightening Financial Wellness and Literacy Masterclass aimed specifically at Black female entrepreneurs in township areas. This initiative is not just about numbers; it’s about transforming lives and fostering sustainable business practices among small and medium enterprises (SMEs) in South Africa’s vibrant economic landscape.
This masterclass builds on the successful foundation laid at the annual Female Township Entrepreneur Summit, where 100 dynamic female entrepreneurs gathered to cultivate their skills. The recent training focused on bridging the financial literacy gap that many entrepreneurs encounter, equipping them with crucial knowledge for both personal finances and business management.
Attendees delved into several impactful topics designed to foster financial mastery. From understanding the fundamentals of budget management and debt handling to exploring strategies for consistent income growth, the participants gained a comprehensive insight into financial success. Notably, discussions on separations between personal and business finances revealed ways for these ambitious women to access funding and ensure long-term sustainability for their ventures.
The day was also enriched by two remarkable speakers. Mandisa Mthembu, a mental health and safeguarding expert, kicked things off with a compelling session about the emotional relationship women often have with money. She emphasized the importance of mental well-being in financial decision-making and offered practical tools for building resilience against financial stress. Mandisa reminded the attendees that self-worth should not be measured by financial status, inspiring them to shift their mindsets.
Following her, Mapitso Mphahlele, a Chartered Business Accountant, delivered high-energy sessions on financial wellness and business growth. Her guidance encompassed effective budgeting strategies and creating personal money systems, urging entrepreneurs to view their businesses as platforms for long-term wealth. She pointed out that financial transformation relies significantly on behavior, remarking, “Financial transformation is 80% behavior and 20% knowledge.”
Sibusiso Raphekwane, CEO of The Transformation Legacy, encapsulated the mission of this initiative, stating, “We recognize that financial literacy is a critical component in the growth and sustainability of female township-based businesses. Through this initiative, we aim to empower entrepreneurs with the necessary skills and resources, ensuring they can make informed decisions that contribute to economic transformation.”
The partnership with Coface South Africa is pivotal in driving this initiative forward. Kavita Ramjee, Chief HR Officer at Coface South Africa, expressed enthusiasm about the collaboration, emphasizing their commitment to empowering Black female entrepreneurs. “By providing essential financial knowledge and business tools, we aim to enhance financial literacy and support sustainable business growth in these communities,” she said.
The Financial Wellness and Literacy Masterclass exemplifies the ongoing efforts by The Transformation Legacy to empower female entrepreneurs, equipping them with the confidence and skills to lead their businesses into the future. With collaborative efforts like those of Coface South Africa, these dynamic women are poised to shape and strengthen South Africa’s township economy, establishing a legacy of empowerment and success.
This remarkable partnership and the strategic initiatives it supports are vital in fostering an entrepreneurial spirit among women in South Africa’s townships, promoting not only individual business success but also broader economic resilience.
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