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Stokvel
In South Africa, a stokvel is an invitation-only club of twelve or more people serving as a rotating credit union or saving scheme. Members contribute fixed sums of money to a central fund on a weekly, fortnightly or monthly basis. The name stokvel originates from the concept of "stock fairs", as the rotating cattle auctions of English settlers in the Eastern Cape during the early 19th century were known.
Stokvels generally have a constitution which dictates the size of the contributions, when the accumulated money is to be paid out and the roles and responsibilities of the members. Each month a different member receives the money in the fund, which was collected during that period. Defaults on contribution are quite rare as other members will know if one has not paid their contribution, and also because the regular meetings serve as reminders. Depending on the type of stokvels, the members can use the collected fund for their own use, for payment or investment purposes.
It is estimated that half of adult South Africans are member of at least one of 800,000 stokvels. South Africans invest approximately R50 billion in stokvels a year.
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 Co-operative. The organisation was established in 1988 by founder and still-chairman, Andrew Lukhele.
In South Africa, a stokvel is a community-based savings and investment club where a group of people enter into a voluntary agreement to contribute a fixed amount of money to a common pool on a regular basis (e.g., weekly, fortnightly, or monthly). This practice is deeply rooted in African culture and is built on a foundation of trust and mutual benefit.
Stokvels are a form of a Rotating Savings and Credit Association (ROSCA) and have become a significant part of the South African economy, with millions of people participating and generating billions of Rands in collective savings annually. The name "stokvel" is believed to have originated from "stock fairs" – the rotating cattle auctions of English settlers in the Eastern Cape during the 19th century, where people would gather to socialize and pool money to buy livestock. Today, the purpose of stokvels has evolved significantly, leading to a variety of different types.
Here are the various types of stokvels:
Rotational Stokvels (Basic Stokvels):
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Stokvel
In South Africa, a stokvel is an invitation-only club of twelve or more people serving as a rotating credit union or saving scheme. Members contribute fixed sums of money to a central fund on a weekly, fortnightly or monthly basis. The name stokvel originates from the concept of "stock fairs", as the rotating cattle auctions of English settlers in the Eastern Cape during the early 19th century were known.
Stokvels generally have a constitution which dictates the size of the contributions, when the accumulated money is to be paid out and the roles and responsibilities of the members. Each month a different member receives the money in the fund, which was collected during that period. Defaults on contribution are quite rare as other members will know if one has not paid their contribution, and also because the regular meetings serve as reminders. Depending on the type of stokvels, the members can use the collected fund for their own use, for payment or investment purposes.
It is estimated that half of adult South Africans are member of at least one of 800,000 stokvels. South Africans invest approximately R50 billion in stokvels a year.
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 Co-operative. The organisation was established in 1988 by founder and still-chairman, Andrew Lukhele.
In South Africa, a stokvel is a community-based savings and investment club where a group of people enter into a voluntary agreement to contribute a fixed amount of money to a common pool on a regular basis (e.g., weekly, fortnightly, or monthly). This practice is deeply rooted in African culture and is built on a foundation of trust and mutual benefit.
Stokvels are a form of a Rotating Savings and Credit Association (ROSCA) and have become a significant part of the South African economy, with millions of people participating and generating billions of Rands in collective savings annually. The name "stokvel" is believed to have originated from "stock fairs" – the rotating cattle auctions of English settlers in the Eastern Cape during the 19th century, where people would gather to socialize and pool money to buy livestock. Today, the purpose of stokvels has evolved significantly, leading to a variety of different types.
Here are the various types of stokvels:
Rotational Stokvels (Basic Stokvels):