Stokvel related robberies and thefts are most prevalent from about this time of the year and the police urge stokvel clubs to be proactive and adopt reasonable measures to safeguard their money.

Instead of withdrawing large amounts of cash from banks to pay out money to stokvel club members they should rather transfer the money into members’ bank accounts. Those members who do not have bank accounts should be encouraged to open bank accounts.

Stokvel clubs should be vigilant and take precautions to safeguard money when making withdrawals from ATM’s. They should not withdraw large amounts of money, especially after hours when the streets are quiet, and criminals are likely to be lurking around but rather use the ATMs at shopping malls or at the bank teller during business hours when it is safer and there are security officers on duty. There are safer ways to do transactions, such as internet transfers or mobile banking, instead of carrying large amounts of cash.

Safety tips:

If you are a member of a cash savings club, advise members of your club of the following precautionary measures:

• Refrain from making cash deposits of club members’ contributions on high risk days (e.g. Monday after month end)
• Ensure persons depositing club cash contributions or making withdrawals are accompanied by another club member
• A stokvel, savings club or burial society can arrange for members to deposit cash directly into the club’s bank account instead of collecting cash contributions

Arrange for the club’s pay-out to be electronically transferred into each club member’s personal bank account or accounts of their choice.