THE Bankers Association recently held educational sessions with Small and Medium Enterprises (SMEs) about navigating the current economic environment. In a release, the Association said the SMEs which took part in those sessions, comprised representatives from several industries. Those industries included energy, manufacturing, retail, construction and finance.
The series of education sessions, which ran from June to the end of July, addressed critical issues affecting the SME community. Those issues included financial planning, preparation of business proposals and credit applications and cash flow management.
The sessions were designed to elevate SME’s to success by helping them to develop the financial management skills required for their survival and growth. The Association also said SME representatives gained a greater insight into best practices on how to avoid co-mingling between their personal and business transactions, which could impact on their financial operations. SME representatives also obtained a greater understanding about compliance to anti-money laundering requirements.
The Association noted the importance of these sessions which were conceptualised through the engagement with a number of chambers and associations. The Association said it will continue its efforts to promote financial literacy initiatives with other sectors and target groups.