Stokvels, an invitation-only club of 12 or more people serving as a rotating credit union or saving scheme, are very popular on the West Coast, but there have been cases where participants have been robbed.
Capt Tania Helfrich, police spokesperson, urges members rather to transfer the money electronically than withdraw huge amounts of cash at a bank.
According to Wikipedia stokvel members contribute fixed sums of money to a central fund on a weekly, fortnightly or monthly basis, and some of these have constitutions that dictate the size of the contributions and when the accumulated money is to be paid out as well as the roles and responsibilities of its members.
