Limpopo CPF warns stokvels to stay vigilant during festive season
Stokvel groups often meet in November to distribute large sums of money, a practice that has led to cases of robbery and extortion.
POLOKWANE – The Limpopo Community Policing Forum (CPF) has issued a warning to stokvel groups to be vigilant as incidents of money extortion and robbery rise, particularly with the festive season fast approaching.
Stokvel groups typically meet in November to review their finances and withdraw large sums of money to distribute among members, a practice that has previously led to several cases of robbery and extortion.
Earlier this month, a woman was robbed of R18 000 at the city centre taxi rank, and similar incidents have been reported in the Vhembe district.
CPF provincial chairperson Frans Kgasago highlighted the rising risks, stressing that there have been instances where members have collided with robbers.
He emphasised the need for clear boundaries and heightened awareness during these vulnerable times.
To assist stokvels in safeguarding their finances and members, the CPF has shared preventative advice and practical steps to enhance security:
Pre-meeting precautions:
1. Location choice: Select secure, private venues for meetings.
2. Police notification: Inform local police or the CPF about meeting schedules.
3. Confidentiality: Keep membership and meeting details private to prevent attracting unwanted attention.
4. Secure communication: Create a secure communication channel, such as a private WhatsApp group for members.
Safety during meetings:
1. Timing: Hold meetings during daylight hours when possible.
2. Group attendance: Ensure multiple members are present when handling cash.
3. Storage: Use a locked container to securely store and count money.
4. Privacy: Count cash away from public view and avoid displaying large amounts.
Financial management:
1. Bank use: Use a bank account for group savings to reduce cash handling.
2. Electronic transactions: Encourage using EFT for contributions and payouts.
3. Record-keeping: Keep accurate records of all transactions.
4. Treasurer rotation: Rotate treasurers or assign multiple signatories to ensure accountability.
Secure money handling:
1. Discreet containers: Use unmarked containers for transporting money.
2. Cash avoidance: Avoid carrying large sums of cash when possible.
3. Security services: Consider using armoured vehicles or secure transfer services for large sums.
4. Limit withdrawals: Minimise the amount withdrawn to reduce risk.
