{"id":63429,"date":"2022-04-08T06:02:52","date_gmt":"2022-04-08T04:02:52","guid":{"rendered":"https:\/\/novanews.co.za\/paarlpost\/save-share-spend-with-stokvels-20220406-2\/"},"modified":"2025-03-19T22:16:08","modified_gmt":"2025-03-19T20:16:08","slug":"save-share-spend-with-stokvels-20220406-2","status":"publish","type":"post","link":"https:\/\/novanews.co.za\/paarlpost\/save-share-spend-with-stokvels-20220406-2\/","title":{"rendered":"Save, share, spend with stokvels"},"content":{"rendered":"\n

Stokvels have come a long way from being a proudly South African saving scheme among communities that pull funds together for a variety of purposes.<\/p>\n\n\n\n

As inflation, electricity and petrol prices surge due to global economic factors including the ongoing war in Ukraine, stokvels are becoming increasingly popular across cultures as a savings network.<\/p>\n\n\n\n

According to Wikipedia, \u201cstokvels are invitation-only clubs of 12 or more people serving as rotating credit unions or saving schemes in South Africa where members contribute fixed sums of money to a central fund on a weekly, fortnightly or monthly basis.\u201d<\/p>\n\n\n\n

Stokvels are run by a fixed set of rules agreed on by its members which organises the fund according to:<\/p>\n\n\n\n

\n .<\/span> The size\/value of the contributions<\/p>\n\n\n\n

\n .<\/span> When the saved money is to be paid out<\/p>\n\n\n\n

\n .<\/span> The roles and responsibilities of the members.<\/p>\n\n\n\n

With each month or rotational cycle, like a birthday for instance, a different member receives the money in the fund, which was collected during that period. <\/p>\n\n\n\n

Regular meetings to manage an ongoing stokvel is a logical necessity to establish fair pay-outs according to contributions made by each member receiving their turn. Such meetings will establish (and serve as a reminder of) what a member will gain when it is their turn.<\/p>\n\n\n\n

\u201cDepending on the type of stokvel, members can use the collected funds for their own use, for payment or investment purposes,\u201d Wikipedia continued.<\/p>\n\n\n\n

It is estimated that one in every two adult South Africans is a member of at least one of 800 000 stokvels. South Africans invest approximately R50 billion in stokvels per year.<\/p>\n\n\n\n

Historically, the name \u201cstokvel\u201d originated from the term \u201cstock fairs\u201d, as the rotating cattle auctions of English settlers in the Eastern Cape during the early 19th century were known.<\/p>\n\n\n\n

Stokvels are regulated by the National Stokvel Association of South Africa (Nasasa), a self-regulatory organisation approved by the Prudential Authority. Nasasa is also a registered financial cooperative. <\/p>\n\n\n\n

It\u2019s an organisation mandated to represent the interests of the stokvel sector, as contemplated in Government Gazette 37903. In terms of the Banks Act 1990 (Act No. 94 of 1990), a Stokvel group is required to be a member of Nasasa or a similar body approved by the Registrar of Banks.<\/p>\n\n\n\n

It is deemed essential to have any stokvel registered under Nasasa to ensure checks and balances. Additionally, one can only imagine how stokvels are vulnerable to one or more potentially corrupt members who might take the collective loot for themselves and disappear. <\/p>\n\n\n\n

Local stokvel saving schemes<\/h1>\n\n\n\n

A documentary filmmaker from Mbekweni, Bulelani Ndzuzo, told the Paarl Post<\/span> that he and a group of 12 carefully selected individuals share a stokvel focused on birthdays.<\/p>\n\n\n\n

He explained: \u201cThe 12 members\u2019 birthdays are prioritised from January to December. We each contribute R100 per month, which means R1 200 is saved each month in our stokvel, which is awarded to the birthday boy or girl. <\/p>\n\n\n\n

\u201cThat money can be used for anything like buying a cake, a big present or for hosting a braai where everyone celebrate together.\u201d<\/p>\n\n\n\n

Among other uses, stokvels have also been arranged to accommodate large families\u2019 grocery needs. They include monetary contributions as well as coupons on discount savings or point credit systems, like Pick \u2019n Pay\u2019s Smart Shopper points.<\/p>\n\n\n\n

Stokvel is new slang for saving clubs<\/h1>\n\n\n\n

Francois Theron, fellow administrator of the Wellington Action Group on Facebook, shared a post in which he urged local communities to consider forming \u201csavings clubs\u201d, as he liked to call it.<\/p>\n\n\n\n

He said: \u201cThe idea and awareness surrounding stokvels came on my radar due to a group of ten confidential Wellington businessmen who formed a savings club to benefit local initiatives.\u201d<\/p>\n\n\n\n

Theron explains this particular stokvel formed by local businessmen builds a fund over a period of two-to-three months. <\/p>\n\n\n\n

\u201cA large sum of, let\u2019s say, R1 000 is saved by each business per month,\u201d he said, \u201cwhich obviously grows to considerable amounts of more than R10 000 once the saving cycle ends. The sum total of each cycle is then awarded to a locally identified cause or charity.\u201d<\/p>\n\n\n\n

Theron argued that this could be an alternative to orthodox NPO or governing financial structures. <\/p>\n\n\n\n

\u201cDepending on the club\u2019s make-up and capacity, larger sums of money could be awarded to any individual, project or campaign. This could be contributed or invested into the improvement of a local community at large.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

Stokvels have come a long way from being a proudly South African saving scheme among communities that pull funds together for a variety of 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share, spend with stokvels | Paarl Post<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/novanews.co.za\/paarlpost\/save-share-spend-with-stokvels-20220406-2\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Save, share, spend with stokvels\" \/>\n<meta property=\"og:description\" content=\"Stokvels have come a long way from being a proudly South African saving scheme among communities that pull funds together for a variety of purposes.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/novanews.co.za\/paarlpost\/save-share-spend-with-stokvels-20220406-2\/\" \/>\n<meta property=\"og:site_name\" content=\"Paarl Post\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/paarlpost1\" \/>\n<meta property=\"article:published_time\" 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