Setsmol is an accredited South African based Housing Education Company. It was conceived out of the observation that most people in South Africa are still in the dark with matters relating to housing, due to lack of property ownership knowledge.
Solomon MolefeSechoaro (Solly), founder and director of Setsmol, experienced this personally. While living in Polokwane, he bought a property in the suburb of Westernburg. ‘The developer showed me an empty stand on which they were going to build my house. On completion, I found two houses built on my stand. I tried to raise my unhappiness with the builder concerning the situation but failed. I occupied the house having stress and concern of how many people were being exploited in similar situations.’
Setsmol’s research findings are that rights, contractual obligations, accountability and responsibilities of prospective and current property owners are not adequately explained in a way that demystifies the intricacies of property ownership. This results in flagrant defaults. Furthermore, home loan approvals have fallen by 80% due to economic factors. Many are over-indebted and have impaired credit bureau profiles.
Setsmol have created a solution to this problem through their Credit Literacy Initiative which involves Financial Management Wellness and Rehabilitation. It is a unique way of practically educating, mentoring and coaching individuals and communities about the impact of negative credit profiles and a lack of affordability for one’s life. Participants learn from experts how credit scores are derived, and are taught specific strategies to eliminate over indebtedness and improve credit profiles through the addition of positive credit (referred to as credit building), and removal of negative entries on their credit reports (commonly referred to as credit repair).
Appropriately for a company that specializes in training, Solly has made continued learning a priority. Setsmol joined an institution called Raizcorp, which enhanced their entrepreneurship knowledge and skills. Solly elaborates: ‘They contributed by exposing us to systems, processes and procedures of how to run a business. I also enrolled with Services Seta, SMME CPD (continuous programme development) for entrepreneurs. The world of business management opened up when I was awarded Best Innovative Entrepreneur. I never stopped learning.’
Setsmol currently has offices in Gauging and Limpopo, but has plans to expand into all nine provinces. Solly’s vision is to see Setsmol programmes incorporated into school curriculums to prevent or reduce the reoccurrence of over-indebtedness and impaired credit records, thereby educating the next generation of South Africans in this critical area.
The greatest challenge Solly has had to overcome is a lack of understanding about his own personality. ‘A lack of knowing and understanding myself, the purpose of being alive, WHO AM I, was the greatest challenge. It is imperative that one knows who he/she is and their purpose in being alive. Accepting and implementing who you are, will take you to greater heights. Passion breaks barriers.’
The Shop Small Movement and Small Business Friday are brought to you by the NSBC and encourages all South Africans to interact and support small business every day; especially every Friday and even more so on Small Business Friday, the first Friday of Spring every year. This grows local communities, drives job creation and ultimately builds the nation. With your support small business will be able to employ more, therefore reducing rates of unemployment and harvesting the entrepreneurial spirit.