MZANSI stokvels and savings clubs have matured from what they were in the old days. Not only do most have their own bank accounts now, but some even have become financial institutions for their members.
Looking at Shwashi Social Club, in Mmakaunyane Village, north of Tshwane, you would think that it’s just like the other clubs, societies and stokvels in almost every village and township across South Africa. However, these sisters have been able to buy their own houses!
SunStokvel spoke to Shwashi co-founder and chairwoman Zodwa Shabalala, who said: “Our club was started by six single women who were close friends back in 2007.
“In the early days, we came together when one of us was celebrating a birthday. Everyone was expected to contribute R100 to the birthday club which was used to purchase gifts as a group. A year later we recruited eight new members and increased the contributions to R500 each.
“These days, each of the 33 members must deposit between R700 to R1 000, at every monthly meeting, in the club account.
“Shwashi is like a financial institute because some of us have bought cars and we have all been able to afford to buy or build proper houses for our kids.
“And we haven’t stopped. Because of our past success, we are now focusing on helping needy people in our community.
“We have bought school uniforms and shoes for children of needy families and donated a wheelchair to a disabled person.
“And that’s not all. We have new plans and will continue to do good work for as long as we can,” said Zodwa.
