Stokvels are the future vehicles for financial freedom, employment and building wealth. This was a reason why the Stokfella app provided stokvels with an online club account, according to company’s sales and support manager Pearson Maake.
Stokfella is an app that provides an online secured savings club account designed solely to assist stokvels achieve greater financial flexibility. It was launched in 2016. Maake said that one of the advantages of joining Stokfella was that members were assured of transparency, convenience and security.
“We have 2500 stokvels on Stokfella, and everyone has access to statements and member contributions,” he said.
“Another advantage is that stokvel secretaries can record their stokvel meeting minutes on Stokfella. Stokvel executives can also fine members on the app.” It is not only limited to spaza shops, but also services property, farming, January savings, mining and franchise stokvels. They are also provided with loans.
“Members request a loan approval from the executives of the stokvel group. The executives of the stokvel group then request the loan from Stokfella on behalf of the member.,” he explained. “Building wealth among our people is why our purpose is to provide stokvels and their members with an innovative online club account.” Maake said for those wanting to start their own stokvels, they needed a clear vision, planning and a good communication process.
According to “The Role of Stokvels in Improving People’s Lives”, a document written by researcher Sally Matuku and Prof. Edwell Kaseke for Wits University, there were many types of stokvels. They include savings stokvels, where members contribute a fixed amount of money into a common pool and mutually agree on the cycle of receiving the pooled funds.
There are also burial stokvels, which provide material and non-material support to members and their families in the event of death. Investment stokvels accumulate capital by investing in business ventures. They promote savings through bulk purchases of goods and are referred to as cooperative buying societies. There are also high budget stokvels for those who can contribute substantial amounts of money.