His thoughts on Financial Literacy, Pension Funds & Life Assurance
With permission from the Frans Indongo Group (Pty) LtdFocus Areas:
1. How important has financial literacy been in your life? How much has it contributed to your business success?
I did not benefit from formal schooling or tertiary education. Instead, I learned sound financial management through life experience — what I call the School of Life.
Today, financial literacy is accessible to many. There are good learning institutions and business schools offering solid financial education.
In my businesses, I’m fortunate to employ managers with strong financial expertise. You cannot run a business efficiently without financially literate people.
2. What were the first financial services you explored when starting your business? How has this changed today?
When I began, I didn’t even have the benefit of banking services as they are known today.
Now, everything has changed. There’s a wide range of financial services available, especially for those with viable and sustainable business ideas.
3. How crucial is financial literacy in Namibia today?
Financial literacy is essential. You cannot manage a business efficiently without people who understand finance. It’s a core skill every business leader or entrepreneur needs to prioritise.
4. Do you contribute to a pension fund? Do you monitor its growth?
No, I’ve grown my businesses to a level where a pension fund is no longer necessary for me personally.
However, I strongly advise others—especially employees and young professionals—to contribute to pension funds. They provide long-term financial security when you can no longer work.
5. Is life assurance necessary? At what age should Namibians consider it?
Yes, life assurance is very important, especially when you’re young.
It serves as a financial safety net and a form of collateral when applying for business funding or other types of finance.
Key Takeaway:
Dr Frans Indongo's journey proves that while formal education helps, life experience, self-education, and financial literacy are vital tools for building lasting business success. His insights underscore the importance of planning for the future—through pension funds and life assurance—even as you work hard in the present.