A game-changing app to make stokvels more convenient
The National Stokvel Association of South Africa reported that each year South Africans generate a turnover of at least R1,5 billion in stokvels.
Ways of saving have evolved over the years, but stokvels remain a tried and trusted method.
A stokvel is a savings or investment society to which members regularly contribute an amount they have agreed upon, and from which they take turns to withdraw a lump-sum payment or groceries. Many stokvel members are reluctant to join stokvels with people they do not know well enough to trust due to the incidents of greed that have been reported by the media in the past.
Stanley Nkosi from Krugersdorp CBD once had a bad encounter after partaking in stokvels which were not registered.
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“We used to contribute allocated amounts at every month-end, until the woman who kept the money for us moved away without telling any of the members – that is why I stopped being a stokvel member,” said Stanley, who grew up in a home of multiple stokvel club members.
Stanley recently heard colleagues talking about a stokvel application (app) that can be downloaded from the internet, and followed the instructions. This stokvel app was created by a young entrepreneur who wanted to curb the fraud and corruption linked with stokvels and promote the culture of saving.
What makes this app so convenient is that anyone from anywhere can save money by opening or joining the stokvel. The members’ contributions are tracked by the app. Members will know exactly where the money is at all times, and no-one will be able to take from the savings account without notifying their fellow members. The app is free and open to every individual interested in exploring this game-changing tax-free savings tool. The app can also be used to set the purpose of your stokvel, discuss ideas and book meeting dates.
You can download the app from the Google Playstore, and check your stokvel’s performance, such as how much money has been collected, by dialling *134*7720#.
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