An investigation of the Financial Management skills of the vendors at Frans Aupa Indongo Open Market in Oshakati

Abstract

This study delved into the evaluation of the financial management skills of vendors operating at the Frans Aupa Indongo Open Market (FAIOM) in Oshakati. The research aimed to address three fundamental research questions: (1) What financial management skills are possessed by vendors at FAIOM? (2) What challenges do vendors encounter at FAIOM? (3) What strategies can be deployed to ameliorate the financial management skills of these vendors at FAIOM? Employing a qualitative research strategy and qualitative descriptive designs, data was gathered from 15 carefully selected participants, utilizing the purposive sampling method within the FAIOM context. The findings of this study underscored the presence of significant gaps in financial management skills among vendors at FAIOM in Oshakati. The research also spotlighted he acute deficiency of skills in bookkeeping and accounting as one of the foremost challenges confronting these vendors. Furthermore, it unveiled the absence of basic profit and loss analytical skills and the glaring lack of essential financial management training required for effective daily business operations. In addition, the study revealed that vendors at FAIOM faced a paucity of budgeting skills within their business practices. These exploratory revelations underscored the pressing need for financial planning and control training to provide vendors with the tools to navigate the intricacies of profit and loss in their vending enterprises. The study also recommended the importance of offering vendors training in business diversification and investment, providing them with the capacity to broaden their business horizons and opportunities for expansion. The insights from the study participants highlighted the urgency of incorporating fundamental financial management education into school curricula, ensuring that students departing from high schools possess a foundational understanding of financial management. Lastly, the participants themselves advocated for training in accounting and bookkeeping skills as essential components of their skill development.