EVERY December many families spend their year’s savings buying food, clothes and other items.
But not everyone can afford to spend money like this, and this is exactly the reason why Ikageng Social Club was formed.
Oupa Thoaga and his friends from Temba in Hammanskraal say they know exactly what Christmas is like to those who cannot afford clothes and food.
But then, one day in 2006, they all decided to contribute some cash towards a live cow which they shared among each other for Christmas.
Oupa said: “Our club started back then with fewer than 10 people at a nearby tavern where we used to enjoy booze.
“Before we had a few drinks, we always made sure our families did not go hungry. This led us to think about saving throughout the whole year which led to Ikageng Social Club.”
The 100 members of Ikageng meet every Sunday at different venues to discuss issues for an hour and have some drinks. They all also make a R100 contribution which is deposited in the club’s account.
The savings get shared among all members at the end of the year.
Chairman Michael Bhili told SunStokvel: “Besides the savings account we also have an investment account. We lend this money to members who need cash at a 30% interest rate.
“The interest these loans generate goes straight back to the club’s savings account and is shared at year’s end.
“We also have fines for those who do not contribute cash every week. In such a case, a member is fined R25. Late comers are fined R10.
“We also contribute money towards each other’s birthdays,” said Michael.
