SunStokvel knows that Mzansi prefers to save with stokvels, societies and savings clubs.
They are small and trusted – and the contributors don’t lose money thanks to surprise expenses.
Insurers Life1 offered advice about creating a stokvel.
Stokvel basics
What kind of a stokvel do you want to operate?
Stokvels are usually started for a specific reason. This could be a common financial goal such as December groceries or a wedding.
Membership requirements
The founders need to make rules on who can join, how many can join, and how they join the stokvel.
The constitution
Every stokvel needs a constitution, a set of rules, and guidelines that all members must follow.
A constitution answers questions such as: how often and in what way money is collected each month? When can the money be withdrawn? What happens if a member fails to contribute or leaves? What happens if a member dies? How can the constitution be changed?
Open an account
Banks allow group savings accounts that recognise three authorised signatories. This means that no funds can be altered unless all of the three signatories have signed.
The stokvel can be audited regularly by an independent auditor, and the auditing records should be freely available to all members.
Savings and penalties
All members also need to agree on how much each member needs to contribute towards the goal and what sort of fines or penalties must be applied to defaulters.
