Schools today are entrusted with the duty of managing their funds in such a way that that the educational outcomes of the primary beneficiaries of these funds are maximised. This places more responsibility on the school governing bodies as the legal custodians of these funds, at local level, which need to be used economically, effectively and efficiently. To achieve this, school governing bodies need capacity in the form of appropriate skills and knowledge needed to connect school funding to educational outcomes. This study focuses on how capacity building for school governing body can contribute to value for money in school financial management. It sought to examine possible impediments to effective financial management, which result from the existing gaps in the current capacity building programmes and the financial management frameworks and procedures relating to school financial management. A qualitative research methodology involving in-depth interviews with members of governing bodies and Circuit officials was followed to examine the problem and possible improvement strategies. Themes that emerged from the data include, comprehensiveness, duration and frequency of the training programme, competency of training facilitators, monitoring, assessment and evaluation and other follow-up modalities, presentation style of the training facilitators, internal records and audited financial statements, the involvement of senior officials in school financial management, and the effectiveness of financial management. Findings suggested that, training of SGBs in financial management is inadequate, training facilitators lack requisite skills, the duration of the training for SGBs is short, the training programme is not provided frequently, the training programme’s presentation style is ineffective, mismatch between internal records and audited financial statements, lack of support and monitoring by circuit officials in the schools’ financial management, questionable conduct of external auditors, and ineffective cluster approach by SGBs. / Educational Leadership and Management / M. Ed. (Education Management)