DR FRANS INDONGO
Granted to us by the Frans Indongo Group (Pty) Ltd.
And his thoughts on Financial Literacy, Pension Funds & Life Assurance.
FOCUSES: Financial Literacy,
Pension Funds & Life Assurance
1. How important has financial literacy been in your life? How much has it contributed to your business success?
The importance of financial literacy was huge.
However, you must appreciate that I did not have the benefits of quality schooling and tertiary education. I had to teach myself sound financial management principles in the School of Life.
Nowadays, financial literacy is within reach of many. Numerous good learning institutions and management schools are ready to offer good finan-cial training and education.
Today I am fortunate to employ managers with ex-ceptionally good financial expertise and financial
literacy in all my businesses. You cannot run busi-nesses efficiently without these people.
2. Back in the day, which were the first finan-cial services you explored when setting up a business? To what extent has that changed today?
When I started with my business career, I did not even have the benefit of banking support/services as you know it today.
Everything has changed. A wide variety of financial services are available, especially if you have a sus-tainable business concept.
3. How crucial is it to be financially literate in
As indicated, you cannot run businesses efficient-ly without employing people with sound financial background, which comes from financial literacy.
Dr Indongo, do you contribute to a pension fund? If so, do you keep track of your pension fund’s growth?
No, I have grown my businesses to such a degree that it is not necessary to contribute to a pension fund.
However, people who are in a different position than myself should consider contributing to such a fund in order to provide for the days when they can-not work anymore.
5. Is life assurance necessary? At what age should a Namibian consider acquiring such a service? And why?
It is very important, especially when you are young.
It serves as a guarantee in order to get finance for business investments.